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May 13, 2022

Wealth firm Tifin rakes in $109m to accelerate growth

Tifin, an AI-driven fintech platform for wealth and asset management, has raked in $109m in a Series D financing round.

New investors Franklin Resources and Motive Partners joined the financing round, alongside existing backers Hamilton Lane, J.P. Morgan Asset Management, Morningstar, and Broadridge. 

Motive Partners founder and managing partner Rob Heyvaert will join the Tifin board as part of the transaction.

The latest round, which follows the firm’s $47m Series C funding round last October, takes its valuation to $842m.

Tifin leverages AI to boost digital distribution for investment managers and personalisation for wealth managers.

The firm operates a search-powered marketplace for investments, called Magnifi, and a demand and data generation platform for advice and investments dubbed Financial Answers.

It also owns TIFIN Wealth, a collection of personalisation components for wealth managers, advisors, and other intermediaries and an AI-powered analytics and intelligence platform Distill which is designed to drive digital distribution for asset managers and wealth firms.

The company plans to use the fresh capital as well as the existing funds from prior capital raises to support its continued growth.

These will include efforts to bolster Magnifi’s consumer platform, Distill’s expansion with asset and wealth enterprises, TIFIN’s expansion outside the US and new fintech innovation initiatives.

Tifin founder and CEO Dr. Vinay Nair said: “At Tifin, we are building algorithms to enable this within various wealth and investment journeys, while using natural language processing and conversational AI to simplify the user experience.

At the same time, we are enabling digital distribution for our asset management clients using targeted, data-driven and end-to-end automation.”

Commenting on the financing round, Franklin Templeton president and CEO Jenny Johnson said: “As a strategic investor, we are excited to partner with TIFIN on developing cutting edge digital solutions powered by a wide range of investment strategies, sophisticated algorithms and scalable technology.”

Motive Partners founder and managing partner Rob Heyvaert added: “As we focus on identifying and growing value within the financial technology sector, it is critical to have an eye on the emerging technologies that can play a crucial role in the reinvention across the industry.”

This April, Harbor Capital Advisors teamed up with Tifin to leverage its AI-based digital distribution solutions to allow financial advisers to better engage with clients.

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