8-Bit Capital portfolio company Range (All-in-one wealth management AI) announced their $60 million Series C round, led by Scale Venture Partners. 8-Bit Capital introduced Range to Scale, and participated in the round.
Range, which uses AI to offer flat-fee financial planning services to mass affluent households, has raised $60 million in Series C funding, CEO Fahad Hassan tells
Axios Pro.Why it matters: Most Americans face complex decisions about retirement, taxes and equity compensation without professional advice.
Zoom in: Scale Venture Partners led the round, joined by Google’s Gradient Ventures, Cathay Innovation and new investor 53 Stations.
Wealth management may take the prize for the most massive incumbent industry that mostly fails to serve their customers nor deliver the value proposition promised. The truth is, wealth management is an amalgamation of multiple products, and therein starts the issue. The ultra-wealthy get an incredible product that bundles financial planning, budgeting, investing, estate services, tax planning, and tax filing through a single advisor. But even most of the two percent are left cobbling together multiple vendors, leaving them under-served, and over-charged. And, no matter what level of service you’re experiencing, the tech stack is stuck in 1998. Two-thirds of wealth managers still do not have an online portal.
Ambitiously, Range is bringing together all these services for a consumer, and therein expanding the audience that such services are accessible for. Range brings visibility into all of your financial accounts, which alone is a significant value add (the average customer connects over twenty accounts). Through this consolidation, Range is able to see the bigger picture and provide better recommendations. Need to know which fixed income strategy you should pursue, Range considers your tax position in its proposition. Need a human to talk to explore a second-home purchase, skip hours on the golf course and message real time with your advisor team.
Read more at Axios, Range.com, Scalevp.com, or Cathay on Medium.