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On Wed, 27 Nov, 12:03 AM UTC
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AI wealthtech platform Range raises $28m
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Traditional financial advisors have offered the same types of wealth management services to consumers for decades. Range is overhauling the sector with a new AI engine they created named: Rai. As a result, they are able to provide superior advice 10-20x faster and save their members 75-90 percent more in fees than traditional wealth advisors. The wealth management industry is witnessing a seismic shift, and Range is at the forefront of this transformation," said Fahad Hassan, co-founder and CEO of Range. "Within 10 years, 95 percent of the population will rely on a trusted platform like Range. We're not just building another fintech solution -- we're fundamentally democratizing access to sophisticated wealth management for all Americans. In less than two years, Range attracted more than 1,000 high-net-worth members and now advises them on nearly $3 billion in assets. The new capital will fuel Range's ambitious expansion plans, accelerating product development and scaling its engineering teams to enhance its AI-powered platform. This investment comes at a time when Range is seeing unprecedented demand for its comprehensive wealth management solutions, which seamlessly integrate investment services, tax planning, estate planning, retirement planning, and insurance needs. Co-founded by Fahad Hassan and David Cusatis in 2021, Range is an all-in-one wealth management solution. It connects every aspect of wealth management including tax filing, estate planning, retirement planning, insurance, and investments plus their in-house financial advisors optimize each member's portfolio. Range uses a transparent, flat-fee pricing model rather than taking a percentage of a client's wealth. "By and large, the wealth management industry hasn't changed in more than 75 years," says Simon Wu, Partner of Cathay Innovation, who also joins Range's board of directors. "Fahad, David, and the entire Range team are bringing much-needed innovation to an outmoded industry with a service that's affordable, convenient, and provides holistic insights and advice in hours versus months or quarters. We look forward to partnering with them to supercharge their success."
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AI WealthTech company Range Raises $28 Million Series B Led by Cathay Innovation - PDD Holdings (NASDAQ:PDD), Wallbox (NYSE:WBX)
The new face of wealth management creates ai powered software to drive optimization; membership is increasing 20% MoM, Appoints Chris Davidson of House Call Pro as CTO MCLEAN, Va., Nov. 26, 2024 /PRNewswire/ -- Range, the all-in-one AI WealthTech platform, raised $28 million in Series B funding, led by Cathay Innovation and joined by Gradient Ventures and other investors. This round brings the company's total funding to $40 million. Traditional financial advisors have offered the same types of wealth management services to consumers for decades. Range is overhauling the sector with a new AI engine they created named: Rai. As a result, they are able to provide superior advice 10-20x faster and save their members 75-90 percent more in fees than traditional wealth advisors. The wealth management industry is witnessing a seismic shift, and Range is at the forefront of this transformation," said Fahad Hassan, co-founder and CEO of Range. "Within 10 years, 95 percent of the population will rely on a trusted platform like Range. We're not just building another fintech solution -- we're fundamentally democratizing access to sophisticated wealth management for all Americans. In less than two years, Range attracted more than 1,000 high-net-worth members and now advises them on nearly $3 billion in assets. The new capital will fuel Range's ambitious expansion plans, accelerating product development and scaling its engineering teams to enhance its AI-powered platform. This investment comes at a time when Range is seeing unprecedented demand for its comprehensive wealth management solutions, which seamlessly integrate investment services, tax planning, estate planning, retirement planning, and insurance needs. Co-founded by Fahad Hassan and David Cusatis in 2021, Range is an all-in-one wealth management solution. It connects every aspect of wealth management including tax filing, estate planning, retirement planning, insurance, and investments plus their in-house financial advisors optimize each member's portfolio. Range uses a transparent, flat-fee pricing model rather than taking a percentage of a client's wealth. "By and large, the wealth management industry hasn't changed in more than 75 years," says Simon Wu, Partner of Cathay Innovation, who also joins Range's board of directors. "Fahad, David, and the entire Range team are bringing much-needed innovation to an outmoded industry with a service that's affordable, convenient, and provides holistic insights and advice in hours versus months or quarters. We look forward to partnering with them to supercharge their success." About Range Range is upending wealth management through its AI-powered platform that puts sophisticated financial planning within everyone's reach. Combining proprietary artificial intelligence technology with world-class, licensed financial advisors, Range delivers personalized guidance, comprehensive financial tools, and 24/7 support -- all with no minimum requirements. The company's rapid growth and innovative approach are transforming how Americans manage and grow their wealth. For more information, visit www.range.com. About Cathay Innovation Cathay Innovation is a multistage venture capital firm, affiliated to Cathay Capital, investing in founders building transformative businesses across Europe, North America, Asia, Latin America and Africa. Its platform connects founders with investors and its ecosystem of leading Fortune500 corporations to help startups scale and transform industries with consumer to enterprise and AI solutions in commerce, fintech, digital health and mobility/energy. Founded in Paris in 2015, Cathay Innovation now manages over $2.5B AUM with additional offices in San Francisco, Berlin, Shanghai and Singapore and has invested in over 100 startups including Chime, Pinduoduo PDD, Glovo, Wallbox WBX, Owkin, Getaround, Ledger, ZenBusiness, Alma, Descartes Underwriting and more. To learn more, visit us at www.cathayinnovation.com or follow us on LinkedIn or Twitter @cathayinnov View original content to download multimedia:https://www.prnewswire.com/news-releases/ai-wealthtech-company-range-raises-28-million-series-b-led-by-cathay-innovation-302316288.html SOURCE Range Market News and Data brought to you by Benzinga APIs
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Range, an AI-powered wealth management platform, has raised $28 million in Series B funding to revolutionize the financial advisory industry with its AI engine, Rai.
Range, an innovative AI WealthTech platform, has successfully raised $28 million in a Series B funding round, bringing its total funding to $40 million. The investment was led by Cathay Innovation, with participation from Gradient Ventures and other investors 12.
At the heart of Range's disruptive approach is its proprietary AI engine, Rai. This advanced technology enables the company to provide wealth management advice 10-20 times faster than traditional methods while saving clients 75-90 percent in fees 1. Range's platform offers a comprehensive suite of services, including investment management, tax planning, estate planning, retirement planning, and insurance solutions 2.
Since its founding in 2021 by Fahad Hassan and David Cusatis, Range has experienced remarkable growth. In less than two years, the company has:
Range's mission extends beyond providing advanced wealth management tools. According to CEO Fahad Hassan, "We're fundamentally democratizing access to sophisticated wealth management for all Americans" 1. The company employs a transparent, flat-fee pricing model, diverging from the traditional percentage-based fee structure common in the industry 12.
The new funding will fuel Range's ambitious plans for expansion, including:
Simon Wu, Partner at Cathay Innovation and new board member of Range, highlighted the company's potential to transform a stagnant industry: "By and large, the wealth management industry hasn't changed in more than 75 years. Range is bringing much-needed innovation to an outmoded industry" 2.
As part of its growth strategy, Range has appointed Chris Davidson, formerly of House Call Pro, as its new CTO 2. This move underscores the company's commitment to technological innovation and its vision of becoming the trusted platform for 95% of the population within the next decade 1.
Range's rapid ascent in the WealthTech sector signals a significant shift in how financial services are delivered and consumed. By leveraging AI to provide faster, more cost-effective, and comprehensive wealth management solutions, Range is positioning itself at the forefront of a new era in personal finance.
Reference
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Datalign, an AI-powered platform connecting consumers with financial advisors, has raised $9M in seed funding. The investment will accelerate the development of AI and ML capabilities to transform wealth management services.
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Arta Finance introduces Arta AI, a suite of AI agents designed to revolutionize wealth management by providing personalized financial advice, portfolio analysis, and investment strategies to a broader audience.
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Jump, an AI solutions provider for financial advisors, has raised $20 million in Series A funding to enhance its AI-powered tools, streamline advisor workflows, and meet growing market demand.
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Arta Finance, a digital wealth management platform, announces its global launch from Singapore, introducing an AI Copilot for wealth management and a new B2B 'wealth-as-a-service' offering for banks.
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Boosted.ai raises $15 million to expand Alfa, its agentic AI platform for investment managers. The funding aims to streamline workflows and automate tasks in the financial sector.
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