By Lawrence White
LONDON (Reuters) -Wealth management platform provider Addepar has hit a valuation of $3.25 billion in a fresh $230 million funding round, as it benefits from a race by financial advisors to arm wealthy clients with better data in volatile markets.
Silicon Valley-based Addepar, which counts tech billionaire Peter Thiel and Donald Trump’s crypto czar David Sacks among its early backers, was last valued at $2 billion at a funding round in 2021.
The company offers a software platform to wealth managers and banks such as Morgan Stanley and UBS that aggregates data from a range of providers, aiming to arm clients with a clearer view of their portfolios and information to make investment decisions.
Such data is particularly valuable in times of market turmoil such as in April, when U.S. President Donald Trump’s imposition of global tariffs sent stocks tumbling.
“We’re seeing higher usage than ever by both advisers and their end clients in recent weeks, as unsurprisingly they key in on where their exposures are and how they work through that,” CEO Eric Poirier told Reuters in an interview.
Many clients chose to leave portfolios largely untouched in the market chaos that followed President Trump’s “Liberation day” on April 2, Poirier said, in a bid to avoid locking in losses.
The $230 million series G funding round was co-led by London-based Vitruvian Partners and new York-based WestCap, and Addepar will use the proceeds to support its global expansion as well as to return cash to employees and early shareholders, the company said.
The data start-up has grown rapidly in recent years as banks worldwide race to win more wealth management business to boost their fee-based income, as revenue from lending falls in step with central bank interest rate cuts.
Addepar was founded in 2009 in the wake of the global financial crisis and serves more than 1,200 client firms advising on more than $7 trillion in assets, up from $5 trillion a year ago.
The firm has expanded eastwards from the U.S. through Europe, CEO Poirier said, and could now seek to grow its business further in Asia.
The firm’s latest funding round included new investor EDBI, the platform of Singapore’s Economic Development Board.
(Reporting By Lawrence WhiteEditing by Tommy Reggiori Wilkes and David Evans)
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