Wealth management platform Simon Markets, which spun out of Goldman Sachs in 2018, has closed the first tranche of a strategic financing round of up to $100m.

The Series B round is led by WestCap with participation from existing investors.

Simon enables financial professionals to explore alternative investment solutions and address historical impediments via its platform.

The fresh infusion of capital will be used by the firm to further enhance its core offering across structured investments and annuities.

It will also be used to fund growth initiatives focused on product and geographic expansion.

Simon CEO Jason Broder said: “Through our seamless user experience, Simon provides financial professionals and their clients access to markets and products that carry a number of differentiated and value-added characteristics, and this funding will only help further our mission.

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“By combining WestCap’s experience and expertise, along with Simon’s strength in innovative wealth management technology, we have successfully embarked on the next phase of widening the spectrum of financial opportunities for investors.”

Simon’s platform delivers a full digital suite of tools to more than 100,000 financial professionals, who serve $5 trillion in client assets.

WestCap partner Kevin Marcus said: “We are excited to partner with Simon’s visionary leadership team as they are successfully reimagining how wealth management should work.

“The strength of their technology and the experience they’ve built is positioning Simon as a preferred fintech platform for financial advisors. Simon offers powerful and differentiated fintech solutions that provide immense growth and scalability opportunities while driving democratisation of these product segments, and we’re excited to help.”

As part of the financing round, WestCap partner and former Ipreo president and COO Kevin Marcus is joining Simon’s board of directors.

Last November, WestCap led a $117m Series E financing round for wealth management platform Addepar.