The fintech company RockFi, which is based in Paris and operates in the area of wealth management, announced that it raised new financing for $19 million.
The mentioned firm released information about the Series A funding round last Monday, March 24. The company said that receiving $19 million would help it achieve its goal of having $1 billion in assets under management by the end of 2026.
RockFi also plans to recruit 60 new private bankers and invest in new technologies.
Pierre Marin, co-founder and chief executive officer of the company, stated that the firm wants to breathe new life into private wealth management, the careers of those who manage it, and the wealth of clients. According to him, the received financing will allow RockFi to scale up to even better serve customers in France and ultimately in Europe. He also stated that the company strives to quickly establish itself among the leaders in next-generation wealth management.
The RockFi platform provides consumers with comprehensive, real-time asset reporting and detailed analyses. This month, the company also introduced a dedicated client app to allow for a 360° view of their financial assets, such as valuation, allocation, movement tracking, and performance monitoring.
RockFi was launched in 2023. The company stated that it has signed up 500 customers. This indicator also shows a monthly increase of 25%. The company currently has 50 employees, including 25 private bankers in six offices across France.
It is worth noting that fintech firms are currently demonstrating what can be described as an active commitment to raising new financing. S&P Global Market Intelligence data shows that fintech companies raised venture capital totaling $21.5 billion last year. This indicator is the lowest level of funding since 2016.
The decrease in the mentioned reading is the result of a kind of cumulative effect of two factors. In this case, the fall of fintech valuation should be mentioned. The slowdown in growth rates was also a sensitive factor. Against this background, venture capital investors have begun to pay more attention to companies operating in the space of the generative artificial intelligence industry.
John Clark, partner with fintech-centric investment bank Royal Park Partners, stated that because machine intelligence is revolutionizing multiple industries, venture capital is flowing to where the next big breakthrough is expected.
The headcounts of 30 fintech companies, which became the centers of the 30 largest funding rounds last year, slowed down in late 2022 and early 2023. At the same time, growth picked up in mid-2023. The median year-over-year upward dynamic continued to fall, dropping from 82% in December 2021 to 10% three years later.
Will Artingstall, head of digital asset payments and eCommerce services at Citi Services, spoke with media representatives last month about the obstacles faced by fintech companies. In the relevant context, it was noted that this is not just the old nature of fintech firms competing with similar brands. Will Artingstall stated that it is currently being observed how neobanks enter the mentioned space. It was also noted that banks themselves offer consumers more digital services.
As we have reported earlier, Crossmint Raises $23.6 Million.
