SIMON Raises $100 Million in Series B Funding to Fuel Next Growth Phase for Digital Wealth Management Platform

SIMONs cutting-edge technology streamlines the work of financial professionals, enabling them to explore alternative investment solutions and address historical impediments by using an intuitive and easy-to-use platform.

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Thursday, July 22, 2021
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Technology, Insurance, Finance, Accounting, Professional services, Small business, Software, Networks, Internet, Finance, Articles, Money, Financial markets, Goldman Sachs, Subprime mortgage crisis, Financial technology
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United States, NEW YORK, AL, BIRMINGHAM, NY
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Summary
Key Points: 
  • SIMONs cutting-edge technology streamlines the work of financial professionals, enabling them to explore alternative investment solutions and address historical impediments by using an intuitive and easy-to-use platform.
  • This funding round enables SIMON to further advance its core offering across structured investments and annuities, while driving additional growth initiatives centered on product and geographic expansion.
  • THE SIMON GROWTH STORY IN JUST 3 YEARS:
    In December 2018, SIMON spun out from Goldman Sachs.
  • The strength of their technology and the experience theyve built is positioning SIMON as a preferred fintech platform for financial advisors.


SIMON Markets LLC (“SIMON”), a fintech company transforming the digital wealth management landscape through its leading platform for financial professionals, and which makes risk-managed and alternative investment solutions broadly available, has closed the first leg of a strategic financing round of up to $100 million of growth capital.

The Series B round is led by WestCap, a growth equity firm founded by Laurence Tosi, former CFO of Airbnb and Blackstone, known for investments backing market leading tech-enabled, asset-light companies. Existing investors also are participating in the round.

SIMON’s cutting-edge technology streamlines the work of financial professionals, enabling them to explore alternative investment solutions and address historical impediments by using an intuitive and easy-to-use platform. This funding round enables SIMON to further advance its core offering across structured investments and annuities, while driving additional growth initiatives centered on product and geographic expansion.

“Through our seamless user experience, SIMON provides financial professionals and their clients access to markets and products that carry a number of differentiated and value-added characteristics, and this funding will only help further our mission,” said Jason Broder, CEO of SIMON. “By combining WestCap’s experience and expertise, along with SIMON’s strength in innovative wealth management technology, we have successfully embarked on the next phase of widening the spectrum of financial opportunities for investors.”

Already, SIMON has seen remarkable growth.

THE SIMON GROWTH STORY IN JUST 3 YEARS:

  • In December 2018, SIMON spun out from Goldman Sachs.
  • Chosen by wealth managers who serve more than $5 trillion in client assets.
  • 100,000+ financial professionals have access to SIMON’s platform.

“We are excited to partner with SIMON’s visionary leadership team as they are successfully reimagining how wealth management should work,” said Kevin Marcus, Partner of WestCap. “The strength of their technology and the experience they’ve built is positioning SIMON as a preferred fintech platform for financial advisors. SIMON offers powerful and differentiated fintech solutions that provide immense growth and scalability opportunities while driving democratization of these product segments, and we’re excited to help.”

Additionally, WestCap Partner and former Ipreo President and COO Kevin Marcus is joining SIMON’s Board of Directors.

THE SIMON STORY

SIMON Markets is an award-winning fintech company that is committed to transforming the digital experience for financial professionals, enabling them to better serve their clients. SIMON’s intelligent and innovative platform delivers an end-to-end digital suite of tools to over 100,000 financial professionals, who serve $5 trillion in client assets, empowering them with on-demand education, an intuitive marketplace, real-time analytics, and lifecycle management.

With a focus on reshaping the advisor experience, SIMON is setting new industry standards, simplifying the complex, and delivering structured investment, annuity, and defined outcome ETF solutions to investment professionals, centralized within one unique ecosystem.

Originally incubated within Goldman Sachs, SIMON launched as an independently operating company in December 2018 under the shared ownership and direction of seven leading financial institutions—Barclays, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Prudential, and Wells Fargo. Growth equity firm WestCap became an investor in 2021. The company is headquartered in New York, NY, with an additional location in Birmingham, AL.

For more information about SIMON, visit www.simon.io and follow the company on Instagram, LinkedIn, and Twitter. Securities products and services offered by SIMON Markets LLC, a broker-dealer registered with the SEC, Member FINRA / SIPC. Annuities and insurance services provided by SIMON Annuities and Insurance Services LLC.

About WestCap: The WestCap Group is a growth equity firm founded by Laurence A. Tosi, who, together with the WestCap team, has founded, capitalized, and operated tech-enabled, asset-light marketplaces for over 20 years. With over $2 billion of assets under management, WestCap has made notable investments in technology businesses such as Airbnb, StubHub, iPreo, Skillz, Sonder, Addepar, Hopper, iCapital and Bolt. To learn more about WestCap, please visit WestCap.com.

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