GeoWealth secures $18m in growth investment with BlackRock leading the charge

July 29, 2024

1 minute read

GeoWealth, a Chicago-based turnkey asset management platform (TAMP) and FinTech innovator, has successfully closed an $18m funding round.

The $18m growth investment was spearheaded by BlackRock, the renowned global investment management. This funding initiative also saw participation from Kayne Anderson Growth Capital, a prominent growth capital investor from GeoWealth’s Series B round in 2021, and J.P. Morgan Asset Management, a strategic backer since 2018.

GeoWealth operates as a proprietary technology platform designed to support a broad spectrum of investment use cases for Registered Investment Advisors (RIAs). The platform is celebrated for its integrated technology that simplifies access to a diverse array of asset types through unified accounts. This capability allows RIAs to efficiently meet their clients’ demands for comprehensive asset management solutions.

The freshly secured capital is earmarked for the continued enhancement of GeoWealth’s offerings. According to the company, these funds will be instrumental in developing new features that provide RIAs with more flexible, customizable, and user-friendly tools.

Specific growth initiatives will be led by Brendan Falls, Executive Vice President and Chief Growth Officer, alongside new product developments under the guidance of Cliff Schoeman, Executive Vice President and Chief Product Officer. Planned enhancements include advancing unified managed account (UMA) functionalities and augmenting features that support alternative investments, reporting, and tax management.

Colin Falls, CEO of GeoWealth, said, “We’re thrilled to enter this next phase of our growth journey with the backing of BlackRock as a strategic partner and investor.

“As we continue to invest in our proprietary technology, we will build new offerings that provide RIAs with a flexible, customizable and user-friendly platform. We’re deeply appreciative of our capital partners for their continued support of our business and growth ambitions.”

Jack Hannah, President and COO of GeoWealth, said, “RIAs are in the DNA of GeoWealth. This investment and partnership emphasize our commitment to continual innovation for the benefit of RIAs, delivering more scalability, flexibility, customization and exceptional service.”

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