14 hours ago
WealthTech Conquest Planning raises $80 million
Conquest Planning, a wealth advisory firm for retail and HNW investors, has raised $80 million in growth equity backed by a host of venture investors from major US banks.
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Led by Growth Equity at Goldman Sachs Alternatives, the Series B funding round also included Canapi Ventures, BDC Capital, Citi Ventures, TIAA Ventures and USAA. Existing investors BNY and Portage also participated in the round, which brings Conquest's total funding to over $100 million.
Conquest was established in 2018 to provide accessible, yet bespoke financial advosry tools for retail investors and ultra-high-net-worth families. Its artificial intelligence (AI)-powered software enables financial advisors, banks, brokerages, wirehouses, insurance firms and pension providers to offer personalized advice to clients.
The firm's AI-based Strategic Advice Manager (SAM), performs thousands of complex calculations around every piece of information in an individual's financial plan, which allows advisors to quickly and accurately understand the impact of different scenarios on clients' goals and recommend the next best financial decision.
The firm counts more than 60 percent of the Canadian financial advisor market as users, and is expanding rapidly in the US and UK. Currently serving more than 1,000 financial services organizations, including RBC, Manulife, BNY Pershing and Raymond James, Conquest coninues to gain market share with more than 1.5 million plans created on its platform.
Ainslie Simmonds, executive platform owner, Wealth Service Platform for BNY, says: 'Through the power of AI, Conquest allows advisors to spend less time with the data and more time interacting with their clients and we're thrilled to continue to offer this capability to BNY's clients through the Wove platform.'
