July 18, 2024

Facet Wealth raises $100 million in series C funding

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IXcellerate raises $190 million in C round to accelerate expansion plans
IXcellerate raises $190 million in C round to accelerate expansion plans

Facet Wealth a fintech company offering personalized and unbiased financial advice that integrates into every facet of life, at an affordable subscription price announced today it has raised $100 million in Series C funding, led by Durable Capital Partners LP, with participation from the previous investor Warburg Pincus, TeleSoft Partners, and Green Cow Venture Capital.

Facet believes that unbiased, personalized financial advice is essential to living well. By combining proprietary technology with CERTIFIED FINANCIAL PLANNER (CFP) professionals, Facet is creating a new standard in financial planning and increasing access to 40 million underserved American households. Based on a transparent subscription model, Facet’s fees are designed explicitly to serve clients across all phases of their financial lives.

The company has grown by 10x since 2020, and the funding will be used primarily to continue to fuel that top-tier trajectory. Facet will also make investments across its technology product suite, and client experience.

“Facet is doing something innovative in personal finance,” said Henry Ellenbogen, CIO at Durable. “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. With a strong team, we believe Facet is well-positioned for sustainable, long-term success.”

Durable partners with leaders building large, durable, and sustainable companies. Durable invests selectively across industries, and in private and public markets, applying deep knowledge of patterns to support companies’ long-term growth.

“To the vast majority of consumers, our industry is an inaccessible sea of sameness that traditionally only serves the wealthy. Facet is creating a new era of consumer-centric financial advice, in which generations of people live happier and fuller lives,” says Anders Jones, CEO, and Co-Founder of Facet. “Today’s financial advice is poorly designed, and the incentive model many firms use is completely misaligned with people’s needs. We have created a new standard for what financial planning should be and are determined to take the entire industry with us.”

Founded in 2016 on the belief that unbiased financial advice is essential to living well, Facet has since redefined what financial planning means. Through its integrated approach to planning, it has expanded the scope of the practice far beyond managing assets and investments to include advice on everything money impacts in a person’s life. Using a subscription-based fee structure, instead of AUM-based fees, Facet has democratized the service and is making the highest quality of fiduciary service and care available to more Americans.

Facet has raised approximately $165 million in funding since 2016. Today, the firm serves more than 10,000 clients and has over 300 employees in 42 states.

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