BridgeFT, an API-first, cloud-native wealth infrastructure software company that enables financial institutions, Fintech innovators, and registered investment advisors to deliver better, data-driven outcomes for their clients, announced that the total assets under management powered by BridgeFT’s WealthTech API across its client network grew by “more than 100% in 2023.”
This is reportedly the first full year “since WealthTech API was made available to firms and fintech companies seeking an API-first approach to handling multi-custodial data.”
Joe Stensland, Chief Executive Officer of BridgeFT, said:
“This was a year of incredible growth and industry validation for our WealthTech-as-a-Service platform. In the first year of WealthTech API’s launch, we have been honored to work with some of the most innovative and forward-thinking companies across the wealth management landscape to get their own offerings to market faster, more effectively, and in a budget friendly way.”
BridgeFT’s WealthTech API is reportedly “the industry’s first WealthTech-as-a-Service platform, offering a single, open API to trade-ready, multi-custodial data, analytics, and application services.”
BridgeFT’s WealthTech API empowers clients “to reimagine the potential of their financial data and technology stack by removing the need for individual data feeds from a range of custodians and back-office providers, allowing wealth management firms and fintech companies to create differentiated, next-generation applications.”
Custodians hold a range of data that drives “the investment ecosystem, from positions and balances to client holdings and trades.”
Each custodian has its “own data policy, structure, and systems, forcing fintech companies and other financial institutions to build custom programs to ingest the data. This adds both development time and cost.”
By simplifying access to the underlying data, WealthTech API “allows financial innovators to rethink and streamline their own tech stacks and create differentiated tools and solutions for their own clients using BridgeFT’s applications and developer-to-developer support.”
Over the past year, BridgeFT has enjoyed “broad expansion of its business.”
Highlights include:
Dynasty Financial Partners selected BridgeFT’s WealthTech API “as its primary custodial data partner to power Dynasty’s integrated wealth technology offerings across the Dynasty Network.”
In conjunction with this partnership, Dynasty and its select affiliates “made a strategic minority investment in BridgeFT.”
BridgeFT launched its WealthTech API Marketplace, which “offers clients access to the company’s curated group of technology providers that are reshaping wealth technology by delivering application services that are pre-integrated with BridgeFT’s WealthTech API infrastructure.”
Initial partners in the Marketplace “include Yayati, a quantitative investment technology company offering wealth personalization infrastructure for enterprises to build scalable advisor workflows and client investment experiences, and Intrinio, a full-service financial data provider.”
As noted in the update, BridgeFT is “a cloud-native, API-first Wealth Infrastructure software company that enables financial institutions, FinTech innovators, TAMPs, and registered investment advisors to deliver better, data-driven outcomes for their clients.”
Financial services firms and technology companies reportedly “trust BridgeFT to power their digital wealth management ecosystems and automate critical back-office operations—seamlessly aligning essential wealth data, proactive client insights and reporting, and portfolio management automation to deliver a truly personalized client experience.”