TIFIN, a Boulder-based fintech platform that uses AI for wealth and asset management, announced Thursday that it raised $47 million in its third funding round in a year.
The Series C round drew support from existing investors J.P. Morgan Asset Management, Morningstar and Broadridge, while adding investment management firm Hamilton Lane to its pool of strategic investors.
TIFIN started as a fintech incubator and studio in 2018 but evolved into an operating business in late 2020, when it raised $22 million in Series A financing. The company went on to raise a $22.3 million Series B round in April 2021.
The firm closed its Series C round at a valuation of $447 million, which is nearly five times higher than its Series A valuation.
The company said in a statement that its funding momentum highlights the need to deliver more value to clients through data, AI and technology innovation.
“Our growth to date is a sign of the potential the combination of financial expertise, AI and software technology has to address issues individuals face in managing their wealth to achieve financial freedom,” TIFIN founder and CEO Vinay Nair said in a statement. “We look forward to accelerating further toward our core mission at TIFIN and make investing a more meaningful and relevant component of every individual’s financial well-being.”
Nair, a former professor at the Wharton School of Business at the University of Pennsylvania, previously launched several investing tools – Magnifi, Clout and Positivly – that have since been folded into TIFIN’s suite of products. Another platform of Nair’s, a tax-smart investment strategy engine called 55-ip, was sold in 2020 to J.P. Morgan Asset Management.
TIFIN, which stands for Technology In Finance, uses data and investment-driven intelligence to drive personalization for wealth management and digital distribution for investment managers.
TIFIN has three divisions: Magnifi, a search-powered marketplace for investments; Financial Answers, a consumer platform built on financial media; and WealthTech platforms – such as Positivly, Clout, PlanIQ and Totum – that deliver personalized insights.
The company said it will use the funds to grow, acquire other companies and to work with its strategic partners to accelerate fintech innovation initiatives.
