iraLogix adds $22m in Series C funding to accelerate FinTech sector growth
By Edlyn Cardoza
iraLogix recently announced that it raised $22 million of new funding. The funding will enable iraLogix to expand its rapid growth, speed the development of new platform features, increase its sales efforts and continue to drive an annual growth rate of over 100%, as it has done for the past three years.
The financing was led by a group of individual financial technology investors represented by Matt Vettel and Nick Cayer, along with participation from Hybrid Capital, Roan Capital, University Growth Fund, Trog Hawley Capital, Circadian Ventures, Great North Ventures, and Riverfront Ventures. As part of the financing round, Peter de Silva, previously President of TD Ameritrade’s Retail division, President of Scottrade’s Investment Management and President/COO of UMB Financial Corporation., will be joining the iraLogix Board of Directors.
David Bernard, iraLogix’s Chairman and CEO, said, “the added funding will help us expand faster and serve an even greater number of leading financial services companies more effectively than ever before. This capital raise is a testament to our mission to drive real change across the industry and having Peter de Silva lend his extensive expertise to our Board will help accelerate IRALOGIX to the next level.”
iraLogix Co-Founder and CSO Joe Hipsky added, “We are driving real change throughout the retirement industry for the benefit of our clients and their account holders alike, where everyone wins. With these great additions to the team, we can continue to accelerate our current growth in the IRA market and expand our plans to apply the power of our platform to several additional areas that would benefit from modernization.”
Peter de Silva commented, “IRALOGIX has a differentiated product solution that is getting strong traction within the market. We believe the business is well positioned to take advantage of the market dynamics and I am excited to leverage my experience to help the IRALOGIX team continue its growth trajectory.”
With the overall US retirement market surpassing $39 trillion in 2021, iraLogix has emerged as the leading financial technology platform to help record keepers, advisors, mutual funds, and other financial services firms reduce their costs and grow their business profitably while making the highest quality, institutional investment products available to everyone regardless of account size or type.
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