US-based fintech firm InvestCloud has acquired UK-based rplan for $20m in order to extend its direct-to-consumer (D2C) offering for asset managers.

The acquired entity offers client engagement technology to fund managers to support online and mobile investment propositions. InvestCloud said that rplan serves four of the eight largest fund managers in the UK.

The rplan solution is API-based, cloud-native, and can be integrated with any platform owing to its modular structure.

Through the deal, InvestCloud’s global client base of more than 700 firms will gain access to rplan’s capabilities.

InvestCloud chairman and CEO John Wise said: “Institutional asset management is an important and growing segment for InvestCloud. The writing is on the wall: asset managers are trending toward multi-channel financial distribution that includes D2C solutions.

“Embracing D2C is a smart play for asset managers given the success of companies like Vanguard. InvestCloud D2C and other digital product channels will be combined with rplan product strengths. They truly complement the InvestCloud Digital Platform and will bolster our successes in this space.”

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By GlobalData