Investment management software venture Wealth Access has more than doubled its funding round by recruiting an investor group that includes a TNInvestco fund and a financial technology accelerator based in St. Louis.
Three-year-old Wealth Access, which markets a digital financial dashboard for money managers, has now raised more than $3 million since its launch. In February, the company said it had brought in almost $1.5 million from investors including locals Joe Maxwell and Lucius Burch IV. That group has now been joined by the Council & Enhanced Tennessee Fund, SixThirty and several family offices. The money raised will go to accelerating the company's growth and further developing the aggregation and communication platform.
"Wealth management clients demand and deserve true collaboration with their trusted advisors," said Wealth Access founder and CEO David Benskin, pictured here. "The value of any advisory relationship lies in the people, not the software. We've been growing at an incredible rate and continually improving the customer experience."
SixThirty was launched last summer to invest $100,000 each year in eight financial technology companies. Wealth Access is the sixth venture to land funding, giving it better access to partners such as Wells Fargo Advisors, Edward Jones, Stifel, Scottrade and CitiMortgage.
"New companies can have a great idea, a great team, but they can't get their product to the market without access to the rails," said Jim McKelvey, the co-founder of Square and one of the co-founders of SixThirty. "Those rails are usually controlled by banks and other financial services companies."