Baltimore-based personal finance startup Facet Wealth raises $33M - Technical.ly Baltimore

Business

Sep. 10, 2018 9:31 am

Baltimore-based personal finance startup Facet Wealth raises $33M

CEO Anders Jones talks about moving to Baltimore from Silicon Valley, and the company's plans for growth.

Facet Wealth CEO Anders Jones.

(Courtesy photo)

Updated at 10:35 a.m. on 9/10/18.

Facet Wealth, a Baltimore-based personal financial planning startup, raised $33 million as it looks to scale, according to CEO Anders Jones.

The Series A round was led by New York private equity firm Warburg Pincus, and included participation from existing investor Slow Ventures.

Launched in 2016, Facet Wealth is looking to provide financial planning services and advice to people who have in the range of $100,000 to $1 million. The aim is to go beyond asset management to goal-based planning, Jones said, such as saving for college or retirement.

Through a subscription, each client has access to a human advisor employed by Facet Wealth who is a certified financial planner. In turn, the company’s tech platform is designed to make the process more efficient. It employs a simple user experience, and a system that helps advisors make decisions while working with the client so they can cut down on prep time.

In combining human and tech elements, Jones said the company is aiming to be more affordable than a financial services firm, and provide deeper advice than a platform could offer. On average, clients pay about $1,600 per year, with the price tied directly to the level of service a client is getting.

Along with services being more costly, the clients in that range often aren’t as profitable for larger financial services companies. The startup partners with those larger firms to transition those clients directly to its service. So far, it’s struck about 15 such partnerships.

With the funding, Facet Wealth is planning to grow more partnerships, and continue to build out the tech platform.

Jones, Patrick McKenna and Brent Weiss are cofounders of the company. Jones said he spent about 12 years in Silicon Valley, where he was with data onboarding company LiveRamp, which was acquired by Acxiom in 2015. When looking to launch a new company, he looked to relocate.

“We wanted to start a company in a meaningful industry that had an opportunity to grow in a large, impactful company,” Jones said. But they wanted to do it outside of Silicon Valley, so they looked at a bunch of different cities. With the combination of financial services anchors in firms like T. Rowe Price and Legg Mason and tech talent from the area’s universities, “Baltimore really rose to the top of the list as one the best places to do it,” Jones said.

Advertisement

They started out with a couple of desks at Johns Hopkins’ FastForward incubator, and the company has since grown to 27 employees in Harbor East’s Bagby Furniture Company Building. Following the funding, Jones said they plan to grow to 40-50 employees by the end of the year.

“We’re very committed to staying as a Baltimore company,” Jones said.

Check the Technical.ly Jobs Board for new opportunities -30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

On the Market: Senior software engineer roles and more tech job openings in Baltimore

Following Boston accelerator, Pinkaloo launches charitable giving pilot with Eastern Bank

This Annapolis fintech startup wants to make it easier for banks to work with cannabis businesses

SPONSORED

Baltimore

How law firm Nemphos Braue is guiding startups along the new business learning curve

Remote

Crossbeam

Senior Software Engineer

Apply Now
Baltimore, MD 21201

14 West

Junior Database Administrator

Apply Now
Baltimore, MD

SmartLogic

Account Executive (Baltimore)

Apply Now

5 questions with Chris Jeschke: Inside the technical decision points that are taking Protenus to scale

Hungry Harvest merges with North Carolina-based ugly produce delivery company

This Week in Jobs: Jobs, advice and everything spice

SPONSORED

Baltimore

Building a data acquisition system? Don’t make this mistake

Baltimore

SchoolDuels

Vice President of Business Development

Apply Now
Baltimore

emocha Mobile Health

Software Engineer

Apply Now
Baltimore

RackTop Systems

API Guru

Apply Now

Sign-up for daily news updates from Technical.ly Baltimore

Do NOT follow this link or you will be banned from the site!