Alternative investing FinTech iCapital says it is planning to boost its technical capabilities following new investment from Bank of America.
As the company said in a Thursday (June 23) news release, this investment is an extension of a partnership iCapital formed with BofA in 2018.
The following year, iCapital acquired Bank of America’s alternative investment feeder fund business, allowing the banking giant to “streamline and automate ongoing fund operations and administration services for Merrill and Private Bank advisors and their clients,” the release said.
According to iCapital, Bank of America invested in the company at the same valuation during its most recent funding round in December of last year. The companies did not disclose additional terms of the transaction.
Based in New York City and founded in 2013, iCapital gives wealth management firms tools to offer clients funds at lower minimums. It also has the technology used by asset managers, RIAs and banks to leverage iCapital’s technology to streamline and scale their alternative investments operational infrastructure.
In addition, the company’s main platform gives wealth advisors access to a menu of private equity, private credit, hedge funds, structured investments and other alternatives.
Read more: Fundbox Partners With Galileo, MetaBank, Names New Chief Product Officer
The announcement came one day after Fundbox, a platform that offers working capital to small- to medium-sized businesses (SMBs), announced partnerships with Galileo Financial Technologies and MetaBank N.A.
“Our new partnership with Galileo and MetaBank enables us to expand and scale payment offerings on our platform,” said Fundbox CEO Prashant Fuloria. “We will introduce a number of new Flex Pay capabilities later this year, including a bill pay functionality where customers can make fast and easy payments to third-party merchants on the platform.”
Galileo is an open application programming interface (API) platform used by firms working in the digital banking, payments processing, and cryptocurrency sectors. MetaBank describes itself as a “financial empowerment company,” serving sectors that include payments, tax services, commercial finance, and consumer lending.
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