Central: Wealthtech startup Centricity raises $4 million in funding led by Bormann Family Office

B2B wealth tech startup Centricity said Wednesday that it has raised $4 million in funding led by the Burman family office, Shantanu Agarwal (LNJ Bhilwara Group) and Arun Jain (Intellect Design Arena/Founder of Polaris Software Labs) at a $20 million valuation.

Started this year by former senior private bankers, Centricity aims to build a technology solution for the community of unregulated independent financial advisors (IFA) and former private wealth professionals. The startup offers plug-and-play solutions for the “employee-to-entrepreneur” (E2E) transition.

Centricity aims to build a fully stacked open source financial services platform for external asset managers (EAMs) and single family offices (SFOs) to manage investment portfolios. “For the first phase, we have a comprehensive investment technology platform with a full-spectrum investment product marketplace, digital transaction capabilities, and deep reporting and monitoring capabilities,” said Manu Awasthi, founder of Centricity.

According to Awasthy, the startup aims to integrate life and non-life insurance products as well as mortgages in a second phase.

Centricity plans to use the funds to strengthen teams across technology, investment products, sales functions, and increase brand awareness. It aims to have between 1,000 and 1,500 IFAs in the next 24 months with a combined transaction value of at least $1 billion.

“Wealth management is an exciting and competitive space. It is encouraging to see experienced professionals from the private wealth management ecosystem identify value gaps in technology and build solutions around them. The key here is to understand the current proposals and weaknesses of each of the relationship managers,” said Saket Bormann. and customers, and then work with industry-specific technology teams.”

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