Facet Wealth, a Baltimore-based financial services technology firm targeting underserved households, announced Wednesday that it raised $100 million in funding.
The series C funding was led by Durable Capital Partners, with participation from Warburg Pincus, a previous investor, TeleSoft Partners and Green Cow Venture Capital.
The company’s certified financial planners use proprietary technology and a subscription model in aiming to serve the financial advisory needs of up to 40 million households. The funding will go toward technology and products and continue to fuel rapid growth the company has seen since 2020, Facet said.
“Facet is doing something innovative in personal finance,” said Henry Ellenbogen, chief investment officer of Durable Capital, a Chevy Chase-based venture capital firm. “It stands at the forefront of an era in which people will benefit from the use of new technology that results in personalized financial plans suited for their specific needs and aspirations.”
Anders Jones, co-founder and CEO of Facet Wealth, said the company wants to change an industry that traditionally serves only the wealthy. The company touts an affordable subscription model and no asset minimums.
“Today’s financial advice is poorly designed, and the incentive model many firms use is completely misaligned with people’s needs,” Jones said in the announcement.
The firm, which has raised about $165 million in funding since its founding in 2016, said it offers services beyond managing assets and investments to include advice on everything money impacts in a person’s life. Facet says it has more than 10,000 clients and more than 300 employees in 42 states.