WealthForge Unveils Alt Investing Processing Platform Altigo

A new straight through processing technology platform for alternative investments from WealthForge will make it easier for advisors and sponsors to manage alternative investment transactions for their clients and partners. The solution, Altigo, leverages automation to improve accuracy and save time in what the company called a typically “lengthy, error-prone, paper-based process.”

WealthForge CEO Bill Robbins cited the “poor experience” most customers face when trying to invest in alternative assets as one reason why interest in alternative investing remains limited among higher net worth clients. “If straight through processing provides a stable foundation for alternative investments, as it has for other asset classes, ” Robbins said, “then we can expect it to expand the pie for everyone involved.”

Errors in alternative investment subscriptions are a major issue. In its statement, WealthForge cited industry analysis that indicated that up to 60% of subscriptions are deemed not-in-good-order (NIGO), and require some correction before the transaction can be processed. This correction process can result in per document costs climbing by as much as 4x, the company noted.

Altigo is being offered to sponsors who then can make the platform available to their distribution partners. WealthForge announced that Cantor Fitzgerald is Altigo’s first major sponsor, and that advisor-focused functionality will be added to the platform later in 2019.

Jay Frank, Head of Distribution at Cantor Fitzgerald Capital, pointed to a variety of ways Altigo will help make operations more efficient for all parties involved. “Consistent with our leadership position in the industry, improving the investor, advisor, and back office experience is a key focus as we continue to scale our unique solution set of real estate and cash management programs,” Frank said.

WealthForge demonstrated its WealthForge Network at FinovateSpring 2016. The Network makes private capital markets more efficient by enabling issuers to display offerings to registered intermediaries, and by providing a branded online investment process for investors. In 2018, WealthForge announced that it has processed more than $500 in capital investments on its platform.

A member of both the WealthTech 100 and the Inc. 5000, WealthForge was founded in 2009 and is headquartered in Richmond, Virginia. The company has raised $5.2 million in funding courtesy of investors including NRV and SenaHill Partners.

Finovate Alumni News

On Finovate.com

  • WealthForge Unveils Alt Investing Platform Altigo.

Around the web

  • Three Canadian Credit Unions select Fiserv’s core platform.
  • Ripple to power instant global payments for Ria Money.
  • Persistent Systems joins Siemens’ MindSphere Partner Program to bring Industrial IoT solutions to market.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • The ID Co. Unveils its Income Verification Solution.
  • Finicity Partners with Pulte Mortgage to Accelerate Asset Verification.

Around the web

  • CBANC hires Mike Snavely as Chief Commercial Officer.
  • Congrats to 3rd Eyes, ArthaYantra, aixigo, BaseVenture, Capitalise, Entersekt, eToro, Finantix, Fincite, Finhorizon, ForwardLane, Hydrogen, Scalable Capital, Sentifi, Tradeit, Trizic, WealthWizards, WealthForge, and Xignite on being recognized in the Wealthtech 100.
    • Xero’s new invoicing experience available for all Xero customers and partners over the next two weeks
    • Nordigen opens new office in Spain to expand operations.
    • Yseop’s AI solution for Société Générale wins award for most innovative initiative of the year at this year’s Digital Finance Awards. Come see Yseop at FinovateSpring next month.
    • Contovista and NDGIT expand partnership, enabling Contovista to be implemented via the German NDGIT API marketplace.

    This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

    Highlights of This Year’s Inc. 5000

    Inc. has once again released its lists of the fastest-growing 5,000 private companies in the U.S. and Europe this week. A total of 13 Finovate alums made the U.S. list and 14 earned spots on the Europe list. To qualify*, companies were required to be privately-owned and independent.

    Inc. 5,000 U.S.

    The 5,000 companies on this year’s list collectively generated more than $206 billion in revenue. Here are the 13 Finovate alums that made the cut this year:


    • Rank: 117
    • 2017 revenue: $4.7 million
    • 3-year growth: 33.8x
    • Founded: 2013
    • Employees: 30
    • Ranked number 4 in top financial services companies

    SeedInvest demoed at FinovateSpring 2013.


    • Rank: 139
    • 2017 revenue: $5.1 million
    • 3-year growth: 29x
    • Founded: 2009
    • Employees: 192
    • Ranked number 5 in top financial services companies

    CardFlight demoed at FinovateSpring 2013.

    Alkami technology

    • Rank: 284
    • 2017 revenue: $26.8 million
    • 3-year growth: 17x
    • Founded: 2009
    • Employees: 299
    • Ranked number 10 in top Dallas companies

    Alkami debuted under the name iThryv at FinovateSpring 2009.


    • Rank: 389
    • 2017 revenue: $12.3 million
    • 3-year growth: 12.6x
    • Founded: 2010
    • Employees: 96
    • Ranked number 4 in top Charlotte companies

    Passport demoed at FinovateEurope 2016.


    • Rank: 625
    • 2017 revenue: $16.6 million
    • 3-year growth: 8x
    • Founded: 2012
    • Employees: 79
    • Ranked number 6 in top security companies

    Emailage demoed at FinovateSpring 2015.

    Lighter Capital

    • Rank: 776
    • 2017 revenue: $11.9 million
    • 3-year growth: 6.5x
    • Founded: 2010
    • Employees: 39
    • Ranked number 11 in top Seattle companies

    Lighter Capital demoed at FinovateFall 2013.

    Tango Card

    • Rank: 912
    • 2017 revenue: $17 million
    • 3-year growth: 5.4x
    • Founded: 2009
    • Employees: 80
    • Ranked number 14 in top Seattle companies

    Tango Card demoed at FinovateFall 2016.


    • Rank: 932
    • 2017 revenue: $8.9 million
    • 3-year growth: 5.3x
    • Founded: 2009
    • Employees: 29
    • Ranked number 6 in top Richmond, VA companies

    WealthForge demoed at FinovateSpring 2016.


    • Rank: 1048
    • 2017 revenue: $2.3 million
    • 3-year growth: 4.7x
    • Founded: 2014
    • Employees: 10
    • Ranked number 4 in top Detroit companies

    Unison demoed at FinovateFall 2017.

    Acuity Systems

    • Rank: 1107
    • 2017 revenue: $12.6 million
    • 3-year growth: 4.5x
    • Founded: 2010
    • Employees: 26

    Acuity Systems demoed at FinovateEurope 2013.

    defi SOLUTIONS

    • Rank: 1176
    • 2017 revenue: $14.6 million
    • 3-year growth: 4.1x
    • Founded: 2012
    • Employees: 80

    defi SOLUTIONS demoed at FinovateSpring 2014.


    • Rank: 1550
    • 2017 revenue: $92.9 million
    • 3-year growth: 3x
    • Founded: 2004
    • Employees: 413

    Interactions demoed at FinovateSpring 2014.


    • Rank: 2886
    • 2017 revenue: $130.4 million
    • 3-year growth: 1.4x
    • Founded: 2008
    • Employees: 342

    Cardlytics demoed at FinovateFall 2014. The company went public early this year.

    Inc. 5,000 Europe

    This is the fourth year in a row Inc. has ranked European countries. The rankings are based on three-year revenue growth. Here are the 14 Finovate alums that earned a spot on the list, including SumUp, which took the number one slot:


    • Rank: 1
    • 2016 revenue: $63.7 million (€56 million)
    • 3-year growth: 143.7x
    • Founded 2011
    • Employees: 500

    SumUp demoed at FinovateEurope 2013.


    • Rank: 91
    • 2016 revenue: $6.9 million (€6.1 million)
    • 3-year growth: 25x
    • Founded 2012
    • Employees: 140

    VATBox demoed at FinovateEurope 2015.


    • Rank: 390
    • 2016 revenue: $4.9 million (€4.3 million)
    • 3-year growth: 12x
    • Founded 2011
    • Employees: 73

    Kantox demoed at FinovateEurope 2013


    • Rank: 699
    • 2016 revenue: $2.96 million (€2.6 million)
    • 3-year growth: 8.3x
    • Founded 2007
    • Employees: 16

    HelpMyCash demoed at FinovateEurope 2011.


    • Rank: 901
    • 2016 revenue: $3.41 million (€3 million)
    • 3-year growth: 7x
    • Founded 2005
    • Employees: 62

    Featurespace demoed at FinovateFall 2016.

    Kalixa Payments 

    • Rank: 918
    • 2016 revenue: $42.3 million (€37.2 million)
    • 3-year growth: 7x
    • Founded 2008
    • Employees: 112

    Kalixa demoed at FinovateEurope 2013.


    • Rank: 1314
    • 2016 revenue: $46.3 million (€40.7 million)
    • 3-year growth: 5.4x
    • Founded 2004
    • Employees: 188

    Zopa demoed at FinovateSpring 2008.


    • Rank: 1330
    • 2016 revenue: $13.8 million (€12.1 million)
    • 3-year growth: 5.4x
    • Founded 2008
    • Employees: 68

    Feedzai demoed at FinovateEurope 2014.


    • Rank: 1344
    • 2016 revenue: $36.7 million ( €32.3 million)
    • 3-year growth: 5.4x
    • Founded 2008
    • Employees: 83

    Trustly demoed at FinovateEurope 2017.


    • Rank: 1882
    • 2016 revenue: $33.8 million ( €29.7 million)
    • 3-year growth: 3.8x
    • Founded 2012
    • Employees: 183

    Fenergo demoed at FinovateEurope 2012.


    • Rank: 2452
    • 2016 revenue: $8.2 million (€7.2 million)
    • 3-year growth: 2.6x
    • Founded 2012
    • Employees: 69

    Innofis demoed at FinovateEurope 2016.

    Quadient France 

    • Rank: 2966
    • 2016 revenue: $8.9 million (€7.8 million)
    • 3-year growth: 1.8x
    • Founded 2007
    • Employees: 21

    Quadient demoed at FinovateEurope 2018.

    True Potential

    • Rank: 3233
    • 2016 revenue: $88.5 million (€77.8 million)
    • 3-year growth: 1.5x
    • Founded 2007
    • Employees: 234

    True Potential demoed at FinovateFall 2014.


    • Rank: 4954
    • 2016 revenue: $35.6 million (€31.3 million)
    • 3-year growth: 59%
    • Founded 1978
    • Employees: 148

    Comarch demoed at FinovateEurope 2017.

    *Companies on the 2018 Inc. 5000 are ranked according to percentage revenue growth from 2014 to 2017. To qualify, companies must have been founded and generating revenue by March 31, 2014. They must be privately held, for-profit, and independent–not subsidiaries or divisions of other companies–as of December 31, 2017. (Since then, some on the list have gone public or been acquired.) The minimum revenue required for 2014 is $100,000; the minimum for 2017 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons.

    WealthForge Tops $500 Million in Investments Processed

    Private placement platform for capital markets WealthForge is starting 2018 with the announcement that it has reached a new milestone: more than $500 million in investments processed on its platform.

    “We’re very pleased by the momentum we’re seeing in our business,” said Mat Dellorso, WealthForge Chief Strategy Officer and co-founder of the company. “Our average offering size – currently $17 million – has grown 50% in the past year. More than $200 million was invested in 2017 alone, and we’ve seen an exciting ramp up in volume heading into the new year.”

    WealthForge reports that the $500+ million investments represent funding in more than 300 private offerings, each averaging $17 million. The company noted in a blog post that the $500 million includes a $25 million litigation fund and a $9 million private capital fundraising for an industrial real estate acquisition. WealthForge also announced the platform hosted its first Regulation A (Reg A+) offering, which picked up more than 400 investors since its launch in October.

    “WealthForge’s scalable subscription technology and compliance services for alternative investments are pillars supporting an overall mission to increase transparency, efficiency, and access to alternative investments for issuers and advisors,” WealthForge CEO Bill Robbins said. He called the milestone a “proof point” that the company enjoys the reputation as “a trusted partner for so many.”

    Headquartered in Richmond, Virginia and founded in 2009, WealthForge demonstrated The WealthForge Network at FinovateSpring 2016. The WealthForge Network connects issuers and intermediaries in the private capital market, enabling issuers to present their offerings to registered intermediaries and helping intermediaries provide a branded online investment process for their investors.

    WealthForge is a winner of the UBS Future of Finance Challenge, and was named a Company to Watch by Venture Forum RVA. The company has raised more than $5 million in funding and counts New Richmond Ventures (NRV) and SenaHill Partners among its investors.

    Finovate Alumni News

    On Finovate.com

    • iSignthis and Worldline Finalize Partnership.
    • WealthForge Tops $500 Million in Investments Processed.
    • Innovation and Collaboration: The Rise of Fintech in the MENA Region.
    • Dwolla to Power Identity Verification for Yahoo!’s Tanda Savings App.

    Around the web

    • TransferWise updates its remittance comparison tool.
    • Featurespace hires Ritz Steytler as Chief Operating Officer.
    • Infosys selected as tech partner by A S Watson Group.
    • Ephesoft moves headquarters to Irvine, California.
    • Compass Plus to help VietinBank issue Diners Club cards in Vietnam.
    • Coinbase appoints Tina Bhatnagar as VP of Operations and Technology.
    • Kony launches Kony Base Camp, an online community to empower developers to gain skills to accelerate app development and delivery.

    This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

    Finovate Alumni News

    On Finovate.com

    • Coinbase Custody Helps Institutional Investors Securely Store Digital Assets
    • Kabbage Expands Small Business Funding with $200 Million Credit Facility.

    Around the web

    • Overbond offers U.S. corporate issuers and institutional investors real-time access to its platform.
    • PayPal and Synchrony Financial expand strategic consumer credit relationship.
    • U.K.-based Featurespace to open office in Atlanta in November.
    • WealthForge Debuts Its First Regulation A Offering with New Investor Workflow
    • GoBankingRates features Blend, Unison, and Ellevest in its 10 Startups to Watch in 2018 list.

    This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

    Spring Forward: FinovateSpring 2016 Alums Top $200 Million in Funding


    With FinovateSpring 2017 coming next month, we thought we’d take a look back at how the alums from our last spring conference a year ago have fared on the fundraising front.

    And after a quick review, it seems that investors continue to be interested in the innovations of Finovate alumni. In fact, even without the $1.8 billion Golden Gate Capital spent on its acquisition of Neustar late last year ($2.9 million with debt included), the alums from FinovateSpring 2016 have had an impressive year of fundraising. While the specific funding amounts for a number of alums were not officially disclosed, our review shows more than $200 million raised by 20 FinovateSpring 2016 alums over the past year alone.

    Among the bigger deals of the past year, the $72 million raised by OurCrowd stands out. OurCrowd, a crowd investing platform for venture capital, was founded in 2013 and is headquartered in Jerusalem, Israel. With a growing network of more than 17,000 investors, OurCrowd has raised $400 million on its platform, providing funding for 110 companies. Also noteworthy was the $29 million raised by FinDEVr/Finovate alum NYMBUS in two separate fundings in August and February. NYMBUS is an innovator in developing advanced, cloud-based core banking systems. Known as a “bank in a box” NYMBUS technology gives smaller banks and credit unions the ability to compete with larger FIs when it comes to providing customers with the latest digital banking services.

    So to help get you ready for FinovateSpring 2017, here’s a list of the investments scored by alums from last year’s conference. And remember you can see live demos from all 20 of our fundraising FinovateSpring 2016 alums in our Video Archives.

    February 2017

    • FinDEVr New York Alum NYMBUS Announces $16 Million in New Funding
    • Qumram’s Regtech Offering Lands $1.49 Million
    • Empyr Raises $3 Million in Funding

    January 2017

    • ForwardLane Raises $1.1 Million in New Funding
    • Earnix Receives $13.5 Million in Growth Capital from New and Existing Investors

    December 2016

    • Cyberfend Acquired by Akamai Technologies for Undisclosed Amount

    November 2016

    • Sezzle Raises Seed Funding Ahead of Shopify Debut ($1.85 million)
    • Neustar Acquired by Golden Gate Capital for $1.8 Billion (including debt $2.9B)

    October 2016

    • ThreatMetrix Picks Up $30 Million in Growth Capital from Silicon Valley Bank (debt financing)

    September 2016

    • OurCrowd Pulls In $72 Million
    • WealthForge to Raise $2.5 Million in New Convertible Note Offering
    • OneVisage Earns Seed Funding in Round Led by Polytech Ecosystem Ventures (amount undisclosed)

    August 2016

    • CUneXus Closes $5 Million Series A
    • Automobile Title Lending Platform Finova Financial Raises $52.5 Million
    • NYMBUS Raises $12 Million in Round Led by Vensure Enterprises

    July 2016

    • Linqto Announces New Venture Funding from Keiretsu Capital (amount undisclosed)

    June 2016

    • NICE Funding! CallVU Raises $3 Million
    • Civic Announces New Debt Financing from Blockchain Capital (amount undisclosed)
    • savedroid AG Completes €1 ($1.1 USD) Million Seed Round; Announces Beta Launch
    • Cyberfend Earns Undisclosed Non-Equity Assistance from MasterCard Start Path Global Program.
    • BanQu Secures $100,000 in Financing (convertible note)

    Are you a FinovateSpring 2016 alums whose funding we missed? Send us an email research@finovate.com and we’ll be happy to make the update.

    Top Business-to-Business Wealth Tech Players


    If you’ve been following our series on wealth tech, you’ve seen our analysis of the industry as a whole, a review of the top trends, and an examination of B2C wealth tech players.

    Our wealth tech coverage continues this week with a review of business-to-business (B2B) players in the wealth tech space. These are companies that cater directly to banks, advisors, or brokerages, instead of offering products or services directly to consumers. B2B wealth tech is a large category, so I’ve sub-divided it into four digestible groups and listed my top picks for each category. Since category sizes vary, the number of selections also varies.

    Alternative investment services
    These are platforms that help advisors connect clients with unconventional investment types, such as private equity, hedge funds, futures, real estate, etc.

    Screen Shot 2017-01-19 at 11.44.57 AMEquityZen’s EZ Institutional lets advisors give clients access to a diverse asset class

    Technology for advisors and brokerages
    These are tools available via API, SDK, or web interface to help advisors compete with robo advisors by allowing them to invest with less bias, increase client communication, scale operations, find new clients, and more.

    Screen Shot 2017-01-19 at 11.40.41 AMTrizic offers advisors their own digital tools to compete with robo advisors

    Non-U.S. B2B investment and advisor technology
    Similar to the above category, these companies offer tools for advisors outside of the U.S.

    Screen Shot 2017-01-19 at 11.30.52 AMmeetInvest helps advisors invest like world-renowned market experts

    News and Information Companies
    These are online platforms, APIs, or SaaS offerings that provide advisors market information, show them trending news, or connect businesses with market data to power their own products.

    Screen-Shot-2016-10-31-at-3.22.22-PMForwardLane’s dashboard acts like a private research analyst for advisors advisors, helping them stay current on new trends and funds

    Finovate Alumni News

    On Finovate.com

    • “Andreessen Horowitz Leads $25 Million Investment in Quantopian
    • “Finovate Debuts: GoodData Helps Banks Put Their Data to Work”
    • “Nutmeg Spices Things Up with New $37 Million Investment”

    Around the web

    • FinDEVr alum Smart Token Chain completes first smart token transfer via Ripple network.
    • From apps to APIs: Dwolla rebrands as platform.
    • PwC unveils Vulcan Digital Asset Services, a suite of digital currency solutions including digital wallets and international payment processing.
    • Entersekt to power mobile app security for FirstBank.
    • CoverHound partners with Metromile to offer more coverage options for auto and property insurance.
    • WealthForge exceeds $250M in transactions completed on platform.
    • Kabbage hires chief technology officer and chief data officer.
    • AutoGravity to power digital car sales and finance app for Fletcher Jones Motorcars.
    • Visa Developer Challenge winner Corezoid earns recognition at Money 20/20 Hackathon.

    This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.