Artificial intelligence (AI) is becoming the latest battleground in wealth management, as startups race to replace the patchwork software systems long used by financial advisors.
New York-based wealth management platform Farther announced raising $150 million in a Series D funding round anchored by growth equity firm General Atlantic.
The platform, which uses AI-driven tools for advisors and clients, is now valued at over $1 billion following the funding round, per the announcement.
Farther becomes one of a growing number of fintech firms that bet wealth advisors are ready to move away from legacy brokerage and portfolio management systems.
Founded in 2019, Farther offers advisors an integrated platform covering portfolio management, client reporting, risk analysis, asset allocation, and access to private market investments.
The company said it has surpassed $23 billion in recruited assets, including assets under management and expected client assets from incoming advisors.
The fundraising comes as competition intensifies among registered investment advisor (RIA) platforms and fintech firms targeting wealth managers with AI-enabled products.
Traditional wealth management firms have increasingly faced pressure from newer entrants promising more automation, data integration, and personalized investment tools.
But many firms still rely on older systems stitched together through acquisitions and third-party software.
Farther Chief Executive Taylor Matthews said the company plans to use the new funding to expand its platform capabilities and continue developing AI-driven tools for advisors and clients.
General Atlantic’s investment also highlights continued investor appetite for fintech infrastructure businesses tied to wealth management, one of the more resilient segments of financial technology despite a broader slowdown in venture funding.
“Wealth management is undergoing a structural shift as advisors increasingly seek modern, integrated platforms,” Paul Stamas, managing director and global head of financial services at General Atlantic, said in a statement.
Farther said it has raised more than $272 million since it was founded. Existing investors also participated in the latest funding round.