Trizic, which develops enterprise platforms for wealth management firms that offer digital advice, secured $10 million in funding — their largest haul to date. Backed primarily by venture capital firm Sorenson Ventures, the latest infusion will help expand the firm’s sales and deployment operations.
Wealth management accounts are usually funded by retail accounts but many banks are having trouble retaining deposits from their smaller clients. Most of the assets that could have gone to bank wealth offerings are being sucked out by asset management behemoths such as Vanguard, Fidelity, and BlackRock, according to Drew Sievers, CEO of digital advice provider Trizic.
Trizic, a provider of digital workﬂow and automation technology for the wealth industry, announced a $10 million Series A investment led by venture capital ﬁrm Sorenson Ventures with participation from FIS, a ﬁnancial services technology firm, and Betsy Cohen, the founder and former CEO at The Bancorp Bank. Existing investors Freestyle Capital, Broadhaven Capital Partners, PEAK6 and Commerce Ventures also participated in the round.