RockFi Raises $19 Million to Expand Wealth Management Platform
Paris-based wealth management FinTech RockFi has raised $19 million in new funding.
The company says its Series A round, announced Monday (March 24), will help it pursue its goal of having $1 billion in assets under management by the end of next year. RockFi also plans to recruit 60 new private bankers and invest in new technologies.
“We want to breathe new life into private wealth management, the careers of those who manage it, and the wealth of their clients,” Pierre Marin, co-founder and CEO of RockFi, said in the company’s announcement.
“This financing allows us to scale up to serve our clients even better, in France and — ultimately — in Europe, with the ambition of quickly establishing ourselves among the leaders in next-generation wealth management.”
According to the announcement, RockFi’s platform offers clients comprehensive, real-time asset reporting and detailed analyses. Earlier this month, the company introduced a dedicated client application to allow for a “360° view of their financial assets,” such as valuation, allocation, movement tracking and performance monitoring.
Launched in 2023, RockFi says it has signed up 500 clients and logged a 25% monthly growth rate. The company has 50 employees, including 25 private bankers based in six offices throughout France.
RockFi’s financing comes at a time when FinTechs are struggling to get funded. Recent data from S&P Global Market Intelligence showed that the sector attracted $21.5 billion in venture capital (VC) investment in 2024, the lowest level of funding since 2016.
Driving this decline were factors such as a drop in FinTech valuation and slowing growth rates, leading many VC investors to turn their focus to companies in the generative AI field.
“With AI ‘revolutionizing’ multiple industries, venture capital is flowing where the next big breakthrough is expected,” John Clark, partner with FinTech-centric investment bank Royal Park Partners, said in the report.
The 30 FinTechs at the center of last year’s largest funding rounds also saw their headcounts slow in late 2022 and early 2023, the report said. When growth picked up in the middle of 2023, the median year-over-year growth rate continued to fall, declining from 82% in December 2021 to 10% three years later.
Meanwhile, Will Artingstall, head of digital asset payments and eCommerce services at Citi Services, told PYMNTS in an interview last month about the obstacles facing FinTechs.
“It’s not just the old nature of FinTechs competing with FinTechs,” he said. “What you’re often now starting to see is neobanks entering the space. You’re seeing banks themselves offering more digital services.”
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