Wealthtech TIFIN raises $109m to pursue continued growth

US- and India-based wealthtech firm TIFIN plans to use the series D funding to expand the use of Magnifi among consumers and Distill among asset and wealth enterprises, while moving into new international markets and launching additional fintech innovation initiatives

Wealthtech firm TIFIN has closed a $109 million series D funding round and achieved a valuation of $842 million.

US- and India-based TIFIN plans to use the series D funding, alongside capital from previous fundraises, to support its growth.

The wealthtech will focus on expanding the use of Magnifi among consumers and Distill among asset and wealth enterprises, while moving into new international markets and launching additional fintech innovation initiatives.

Founded in 2018, TIFIN aims to bridge the gap between investors, intermediaries and asset managers using artificial intelligence (AI)-powered fintech.

Its divisions include Magnifi, a search-powered marketplace for investments and Financial Answers, a demand and data generation platform for advice and investments.

TIFIN Wealth, meanwhile, provides a collection of personalization components to advisers, wealth managers and other intermediaries, while Distill is an AI-powered analytics and intelligence platform to drive digital distribution for asset managers and wealth enterprises.

The latest funding round, which brings TIFIN’s valuation to $842 million, follows a series B round worth $184 million and a series C worth $447 million over the past year and reflects growth in its product offerings, users and revenue, according to the wealthtech.

Global investment manager Franklin Resources and fintech-focused investment firm Motive Partners joined the series D round alongside previous strategic investors, which include Hamilton Lane, J.P. Morgan Asset Management, Morningstar and Broadridge.

Rob Heyvaert, founder and managing partner of Motive Partners, will join the TIFIN board as part of firm’s investment.

Commenting on the series D round, Dr Vinay Nair, founder and chief executive officer at TIFIN, said: “We are delighted to have Franklin Resources and Motive Partners join us on this journey, as well as Rob joining our board. We look forward to working with them and learning from their globally recognised expertise and connectivity in our space. We are also grateful for the support from existing investors including Hamilton Lane and J.P. Morgan.”

Image: TIFIN

Mark Dugdale