Addepar Raises $140M Amid Relatively Quiet Year For Fintech Funding

Addepar Raises $140M Amid Relatively Quiet Year For Fintech Funding

Addepar, a B2B fintech company that offers a data-driven operating system for wealth advisors and other financial professionals, has raised $140 million in a VC round led by Valor Equity Partners, 8VC and Harry McPike. Valor Equity Partners is an existing backer, and 8VC, the venture firm led by Addepar co-founder Joe Lonsdale, previously invested in the company through its predecessor firm, Formation 8. Addepar had raised about $67 million prior to this round and was most recently valued at $292 million in 2014.

Much of the new funding will go toward research and development. “We have an opportunity to build a platform that brings about as profound a change for financial services as Google did for advertising,” Addepar CEO Eric Poirier told PitchBook in an interview. The company’s products are currently geared toward financial managers, who use Addepar’s technology to advise their clients, but it has plans to create a common platform for the entire global financial services industry.

The funding represents one of the biggest VC fintech deals so far this year, per PitchBook data. Among the other companies in the financial services industry that have raised significant equity funding in 2017 are online lender SoFi ($453 million in March) and Robinhood, the provider of a mobile stock-trading app ($110 million in April).

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