Artificial intelligence portfolio manager Pave Finance says it has extended its Series A round, raising an additional $5 million. The firm shares that the funding round now totals $20 million
Pave says it will put the funding to work immediately as it begins hiring more than 40 new team members, taking its headcount to over 100, with a particular focus on expanding its market-facing and engineering teams.
Pave Finance was founded in 2021 and is based in New York City. The company provides portfolio management tools for financial advisors that enable investment advisors to customize, personalize, and automate portfolio construction and management.
Pave model generates revenue in three different ways:
- software licensing revenue, which is priced using a SaaS licensing model with users paying a monthly license fee;
- broker-dealer revenues including trading, securities lending, and spreads on credit and debit balances;
- investment advisory fees for the automated management of assets on a discretionary and non-discretionary basis
Pave sees opportunity in the global wealth management sector, which is expected to top $217 trillion by 2031.
