Baltimore financial technology start-up gets $33 million investment

Facet Wealth, a Baltimore-based financial services startup, has attracted a $33 million investment led by a New York-based venture capital firm.

Facet says it targets working families rather than the wealthy clients sought by traditional money management firms.

It announced funding Monday led by Warburg Pincus, which says it has invested in more than 780 companies in 40 countries, and Slow Ventures, which specializes in backing early- and seed-stage technology companies.

Facet says it aims to offer personalized financial management services to the millions of working families that can’t afford such help but often would benefit the most.

“Our mission is to unlock access to high-quality financial advice for the mass affluent individuals and families that are often under-served or overlooked by the traditional wealth management industry,” said Anders Jones, Facet’s CEO and co-founder, in Monday’s announcement.

Facet connects clients with certified financial planners, who tailor financial plans and charge a flat fee based on services requested rather than assets under management or commissions. Prices range from $480 per year to $5,000 per year.

“We are turning the traditional model on its head by harnessing technology to dramatically lower the cost and increase the personalization of our [certified financial planners’] financial advice for the broader market,” said Patrick McKenna, Facet’s chairman and co-founder, in a statement.

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