Digital Wealth Technology Firm Marstone Closes $5 Million Round
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Digital Wealth Technology Firm Marstone Closes $5 Million Round

Even as the world of FinTech has seen its fair share of so-called “megadeals” in recent months, there have been plenty of early-round investments to be found as well. The latest in this latter category comes from Marstone, which just announced a $5 million round.

The Series A was led by Amerant Bancorp, which ponied up $2.5 million in the round. As a result of the transaction, Amerant will nominate a director to serve on Marstone’s board. This latest close also followed another completed in May 2020 led by Apex Fintech Solutions. Other series A participants included Peter Kraus, John Thain, Kristen Dickey, Tom Freeman, Michael Rafferty, Richard Wastcoat, and others. To Date, Marstone has now raised more than $20 million in funds.

Marstone offers digital wealth solutions that banking and financial partners can then present to their customers. For example, the platform can help consumers build custom exchange-traded fund portfolios that will fit their financial goals, risk levels, and interests. The company also boasts other customizable financial dashboard tools that enterprises can deploy, removing the need for in-house development. On their site, they note that they can serve as a business’s sub-advisor, technology partner, or registered investment advisor (RIA).

Speaking more to what the company has to offer, Marstone co-founder and CEO Margaret J. Hartigan stated, “The financial industry is in the midst of incredible transformation. Consumers are hungry for highly personalized, digital-first wealth and banking experiences that grow their financial understanding and empower them to make smarter, forward-looking decisions. Financial institutions that can’t or won’t meet these needs will be surpassed by those that do.” Hartigan continued, “With Marstone, institutions can reinvent themselves, become – or remain – relevant as the massive coming wealth transfer accelerates, and stem the movement of assets to competitors through a diversity of digital offerings, products, and services.”

Meanwhile, Amerant Vice Chairman and CEO Jerry Plush said of the FinTech, “We are excited to make this investment in Marstone and support its mission to make financial planning more attainable for everyone. Marstone’s platform allows us to offer our customers a highly personalized, thoughtful, and specialized experience. We look forward to further developing our relationship as Marstone continues to create an industry-leading financial ecosystem.”

This latest raise highlights a growing trend in FinTech — the rise of “FinTech as a Service.” While direct-to-consumer platforms may have more name recognition and press coverage, it’s often the digital solutions that work behind that scenes that are making the largest impact. With that in mind, this early-stage investment round for Marstone could well be just the beginning for the firm as it continues to build its partnership and offerings.

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