Goldman Sachs Incubated Fintech SIMON to Raise Up to $100M via Series B led by WestCap

SIMON Markets LLC, a Fintech firm that aims to transform the digital wealth management landscape vita its platform for financial professionals, and which makes risk-managed and alternative investment solutions “broadly available,” has finalized the “first leg” of a strategic round of “up to” $100 million of growth capital.

SIMON‘s Series B round is being led by WestCap, a growth equity company established by Laurence Tosi, former CFO of Airbnb and Blackstone, known for investments “backing market-leading tech-enabled, asset-light companies.” Existing investors will also be making contributions, SIMON’s management noted in a release.

As mentioned in the update, SIMON’s technology “streamlines the work of financial professionals, enabling them to explore alternative investment solutions and address historical impediments by using an intuitive and easy-to-use platform.”

This funding round should help SIMON with enhancing its main offering across structured investments and annuities, “while driving additional growth initiatives centered on product and geographic expansion.”

Jason Broder, CEO of SIMON, stated:

“Through our seamless user experience, SIMON provides financial professionals and their clients access to markets and products that carry a number of differentiated and value-added characteristics, and this funding will only help further our mission. By combining WestCap’s experience and expertise, along with SIMON’s strength in innovative wealth management technology, we have successfully embarked on the next phase of widening the spectrum of financial opportunities for investors.”

In December 2018, SIMON had spun out from investment bank Goldman Sachs. SIMON is chosen by wealth managers who currently serve over $5 trillion in client assets. 100,000+ financial professionals “have access to SIMON’s platform.”

Kevin Marcus, Partner of WestCap, remarked:

“We are excited to partner with SIMON’s visionary leadership team as they are successfully reimagining how wealth management should work. The strength of their technology and the experience they’ve built is positioning SIMON as a preferred fintech platform for financial advisors. SIMON offers powerful and differentiated fintech solutions that provide immense growth and scalability opportunities while driving democratization of these product segments, and we’re excited to help.”

As confirmed in the announcement, WestCap Partner and former Ipreo President and COO Kevin Marcus will be joining SIMON’s Board of Directors.

SIMON Markets is a Fintech that’s focused on enhancing the digital experience for financial professionals, “enabling them to better serve their clients.”

SIMON’s focuses “on reshaping the advisor experience, [by] … setting new industry standards, simplifying the complex, and delivering structured investment, annuity, and defined outcome ETF solutions to investment professionals, centralized within one unique ecosystem.”

Incubated within Goldman Sachs, SIMON launched as “an independently operating company in December 2018 under the shared ownership and direction of seven leading financial institutions—Barclays, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Prudential, and Wells Fargo.” Growth equity firm WestCap became an investor this year.

SIMON is based in New York, NY, with an additional location in Birmingham, AL.

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