iCapital Raises Over $820M in Funding Round, Valuation Reaches $7.5B

Fintech platform iCapital has successfully raised more than $820 million in a recent funding round, significantly boosting its valuation to over $7.5 billion. The New York-based company, founded in 2013, has now accumulated a total of over $1.5 billion in funding. The latest financing was co-led by SurgoCap Partners, T. Rowe Price Associates, and T. Rowe Price Investment Management, with existing investors Temasek, UBS, and BNY also participating.

iCapital intends to allocate the new capital towards strategic acquisitions, geographic expansion, and further advancements in its technology. The company, which currently employs 1,875 individuals across 16 global offices, has already acquired more than 23 companies, including AltExchange and Parallel Markets. It manages $945 billion worth of assets globally, offering a unified interface for onboarding, document workflows, performance data, and regulatory compliance.

Furthermore, iCapital aims to assist wealth managers in diversifying their investments, while providing asset managers with a digital marketplace, data management tools, AI-powered services, and sales distribution support. The funding news follows The Bank of New York Mellon Corp.'s decision to enlist iCapital to bolster its alternative investment capabilities. According to Crunchbase data, the financial services industry in the U.S. continues to witness robust investment, particularly in wealthtech, with recent significant funding rounds for companies like Savvy Wealth and Altruist.