Wealthbox, a CRM software platform for financial advisors, has secured a $31m equity investment from growth equity firm Frontier Growth as part of its Series B financing round.
As part of the investment, Frontier will obtain a minority holding in the platform.
Wealthbox was founded in 2014 by John Rourke and Dan Ferranti.
The platform enables financial advisers working with wealth management firms and broker-dealers to track client relationships, manage operations, and collaborate as a team.
It is integrated with several custodial platforms and wealth-tech products.
Wealthbox CEO John Rourke said that the fresh capital will be leveraged to accelerate product development and innovation.
Rourke said: “Frontier Growth has an amazing track record in helping rapidly growing companies scale even faster, and we’re delighted to partner with them in our Series B round of financing.”
Following the investment, Frontier Growth’s Richard Maclean and Matt Williams of will join Wealthbox’s board of directors.
Frontier Growth managing partner and cofounder Maclean said: “Wealthbox’s talented team, impressive growth rate, and excellent business metrics are a great fit for the added support, expertise, and funding we offer.
“We look forward to the partnership with the Wealthbox team to help financial advisory firms better operate their businesses with Wealthbox as their hub software.”
Prior to investment from Frontier Growth, Wealthbox’s parent firm Starburst Labs spun out Wealthbase, a social trading app for retail investors.
With Wealthbase operating as an independent company, Wealthbox is currently the sole property of Starburst Labs.
Last month, French fintech Finary raised €8m in a Series A financing round to overhaul its platform to build a modern private bank.
