Curated by Rob Saunders, WhoFiled. Interested in launching an industry intelligence report for your audience? Contact rob@whofiled.com.
The banks, custodians and managers whose money crosses this software are buying pieces of it.
On July 7 the SEC published its 2026 rulemaking agenda. Two items on it matter here: retail exposure to private markets through registered funds, and performance fees for a wider set of advisory clients. Neither is law yet.
CAIS is a platform for an independent financial advisor to buy alternatives. It runs the fund menu and the subscription paperwork behind it, so an advisor can put a client into a private equity or private credit fund without building that machinery in house. CAIS decides which managers make the menu, and through CAIS Advisors it builds model portfolios of its own. It raised $170 million, and Blue Owl, Lord Abbett, Fortress and Carlyle each took a board observer seat. Carlyle already has model portfolios on the platform, alongside BlackRock, Franklin Templeton and KKR.
Vista Equity Partners led at a valuation above $2 billion, with AllianceBernstein, Golub Capital and Royal Bank of Canada alongside, taking lifetime funding to nearly $600 million. Organic revenue has compounded at 37% a year for three years. The 2,500 wealth firms on the platform have advisors looking after something like $8.5 trillion. iCapital, which sells the same service to banks and larger wealth firms, is still the bigger platform. The wealth channel is the fundraising story of the next decade for a first-time fund or a $300 million manager, and the biggest managers in the business now have seats in the room where that shelf gets run.
VanEck put its first advisor-facing private markets product live on Allocate‘s onboarding and capital-call plumbing, keeping its own brand and client relationships. It ran in weeks. Jan van Eck said Allocate had to plug into his largest advisory clients or there was no point. Franklin Templeton backed Arch, which turns private-fund documents into positions and cash flows for the advisors and family offices holding its product. (More below on Arch)
US wealthtech raised $557.8 million across 91 deals in the second quarter, half of a year earlier, with the average cheque down from $17.9 million to $6.1 million. WealthTech Strategy’s half-year count puts sub-$10 million deals at an all-time low and $10 million to $30 million rounds at an all-time high.
Notable investment tech raises
Arch takes the capital account statements, K-1s and portal logins that pile up behind a private-markets portfolio and turns them into positions and cash flows. Advisors, banks and family offices run $539 billion on it across 650 institutions, double a year ago. MUFG’s venture arm is a customer as well as an investor and runs its fund-of-funds positions there. The Series B was $52 million, with Franklin Templeton and MUFG Innovation Partners named as backers for the first time.
LemonEdge is fund accounting for private markets that runs in real time, pulling the close and the investor reporting off the spreadsheets most managers still keep them on. Blackstone put its early stage arm behind LemonEdge’s $21 million Series A and BNY came in with it, taking lifetime funding past $30 million. David T. O’Malley has taken over as chief executive and board chair.
Farsight AI writes the pitch deck, the CIM, the investment committee memo and the model, inside Excel, Word and PowerPoint, working off a firm’s own past deals so it comes out in the firm’s own format. It filed a Form D for $10 million with no announcement. It had raised $16 million previously across seed and Series A, RRE Ventures and SignalFire co-leading the A, and S&P Global Market
On the radar
Bloomberg is buying Canoe Intelligence, which reads 1.5 million private-fund documents a month across 44,000 funds for 500 institutional clients, covering more than $11 trillion of assets under service. Analysts call it the biggest thing Bloomberg has bought since Barclays Risk Analytics. AngelList bought Ark PES, which runs fund accounting and LP reporting for 500 GPs and administrators with $185 billion on it. Neither side disclosed terms. S&P Global paid $1.8 billion for With Intelligence in October and MSCI took PM Insights in April, so four buyers have taken this layer in ten months and three of them also sell terminals or indices.
Olomon took a $2.6 million pre-seed in Tennessee for a permissioned, client-owned record covering private investments, insurance and estate structures, sitting under whatever dashboard an advisor already runs. Jeremy Bolls founded it after selling Kindful. Allfunds, the European fund distribution platform, reported alternatives up 54.4% to 41.4 billion euros across 253 fund partners.
The IAA, ACA and Yuter survey found 85% of adviser firms calling AI their biggest compliance worry, the highest score any answer has managed in 21 years of the survey. Red Oak, which reviews a firm’s advertising and marketing for compliance, is merging with MirrorWeb, which archives and supervises its emails and messages. The combined firm keeps the Red Oak name, with MirrorWeb’s Romir Bosu running it, and touches 17 of the 20 largest asset managers and 1,550 regulated firms.
Hadrius sells compliance software built on agents, running marketing review and surveillance for 500 financial institutions and investment firms, and says it cuts false positives by 95% and manual review by 70%. It closed $27 million led by CRV. CRV puts the category at $9.4 billion of technology spend beside tens of billions in labour. Caju filed for $10 million to supervise regulated communications, and Cranium AI $20 million to police how staff use AI. Neo left stealth with $100 million from Andreessen Horowitz and Bessemer to govern what enterprise AI agents are permitted to do.
Ripple bought into three pieces of regulated fund infrastructure: ZILO in transfer agency technology, Licuido in tokenization, and Notabene, which runs the compliance checks banks and exchanges must clear before moving crypto between each other and reaches 2,300 institutions. Notabene filed for $11.5 million the same week. SS&C, the fund administrator, separately said it will settle tokenized fund trades in stablecoins and tokenized bank deposits.
Alpaca sells brokerage APIs to fintechs, banks and wealth managers, and took $135 million of equity led by Peak XV alongside roughly $300 million of debt. It says it has cleared or held in custody roughly 94% of all tokenized US equities, a share number nobody else in the category has put on the record, and holds more than $1.5 billion of the underlying stock.
Provable Markets runs a securities finance venue where lenders and borrowers of stock meet, handling $30 trillion of orders a month. Charles Schwab led an undisclosed Series B, and DTCC came in as a new investor. Its NSCC arm clears the trades that venue produces, and firms clearing there pick up capital relief under Basel. Objectway, which sells portfolio and back-office software to European banks and wealth managers, is in exclusive talks for SLIB, a French capital-markets software house owned by BNP Paribas and Natixis, which is its second carve-out in a month. Gauntlet took $125 million from SBI Holdings USA for risk models built on digital assets, which it is carrying into ordinary capital markets.
Sibel Technologies wants $1 million for agents that chase alpha at quant funds, and Fin Pods AI $100,000 for a planning workspace that collects client documents without a login and pulls the numbers out. KelAI did announce, a $5 million seed from Frst, Y Combinator and Robinhood Ventures for a research engine that hunts and tests trading signals for hedge funds. Jeremie Cohen founded it after running systematic money. Grace Investment Machine raised $20 million co-led by Hony Capital to build foundation models for capital markets.
Advyzon, an all-in-one platform for registered investment advisers, put an AI layer over its own data model. Latitude is LPL Financial‘s version of the same idea, built on nearly $2 billion of investment over three years with an agent called Cyan inside it. Advisers at TradePMR, the custodian Robinhood bought last year, now get Robinhood’s Cortex AI at no charge. Slant builds intake forms from a plain English description, then fills them from the CRM and an uploaded tax return. Envestnet, the wealth platform most of these firms already sit on, replaced its old trading system.
Astraeus went live on August 6 with more than $10 million from Fintech Collective, F-Prime, Walkabout Ventures and Plug and Play Ventures, selling a semantic layer that records how a firm’s clients, accounts, products, fees and policies hang together, and what changed. Two former MoneyLion executives built it. Feathery has $30 million now for onboarding and account opening at more than 300 insurance and wealth firms. ExchangiFi took a strategic investment from the family office of Tommy Mayes, who joins the board, for what it calls the first independent Section 351 exchange platform, which lets an investor swap a concentrated stock holding into a diversified fund without triggering the tax bill.
WealthReach, which sells client-acquisition tools to advisers, bought AdvisorRankings, an agency that has spent sixteen years getting advisory practices to the top of Google. F2 Strategy, a wealth-tech consultancy, bought Intelligo Partners in Toronto. Auxesys filed for $50,000 on marketing that grows adviser books, Captal $175,000 for a marketplace in tokenized private company equity.
Russell Investments, the $416 billion asset manager, changed hands. A consortium led by B Capital including CalPERS is buying it from TA Associates and Reverence Capital, closing in the first quarter of 2027, with Zach Buchwald and Kate El-Hillow staying. Morningstar reported second-quarter revenue of $663.2 million, up 9.6%, with Credit up 23.4% and the advisor-facing Wealth segment down 6.2% to $60.3 million.
LPL shares fell 21% through the end of June. The trade press reads it as doubt about what advice is worth once AI platforms do the work. Veriqus raised about $40 million led by Norwest in India for a family-office-as-a-service platform, and InvestiFi took $20 million led by Vibe Credit Union to put investing inside credit union accounts.
The CFPB has told the regulatory review office it plans to reconsider the Section 1033 open banking rule, reopening whether banks may charge aggregators for customer data. Schwab, Fidelity and JPMorgan could then bill for custodial feeds that advisory software has pulled free for years. The SEC proposed Regulation E-Delivery on July 16, making electronic delivery the default for issuers, broker dealers, funds, advisers and transfer agents. On July 15 the FATF counted Travel Rule law in force across 83% of the 109 jurisdictions it surveyed, up from 73%. Carlyle is separately reported to be one of the last two bidders for Wealth Enhancement Group, a $160 billion RIA, at around $7 billion including debt.
The takeaway for investors
CAIS decides which managers reach 65,000 advisors while building model portfolios of its own through CAIS Advisors. Four of the managers it carries now sit in on its board meetings. Ask who owns the platforms in your stack, and what of theirs runs across them.
Meanwhile, Acuity Analytics counted nearly a fifth of asset managers still not using AI at all, and only the biggest firms have it running across the whole shop.
Data sourced from SEC Form D filings, developer activity, and alternative signal tracking by Rob Saunders at WhoFiled. Reporting on this period’s deals draws on coverage from BusinessWire, PR Newswire, Bloomberg, InvestmentNews, FinTech Global, Citywire, and WealthTech Strategy Partners. Rob Saunders is exclusively responsible for its accuracy. If you have any feedback, please contact us.