FINTECH

Financial Finesse Launches First-Of-Its-Kind Venture Arm Supporting FinTech For The Greater Good

Financial Finesse | October 17, 2022 | Read time : 05:00 min

Financial Finesse Launches First-Of-Its-Kind Venture Arm Supporting
Financial Finesse, the country's leading independent provider of financial wellness coaching as an employer-paid benefit, today announced the launch of Financial Finesse Ventures—a first-of-its-kind venture arm for socially responsible FinTech.

As the pioneer of financial wellness, Financial Finesse is bridging the financial literacy gap by delivering unbiased, life-changing financial coaching to millions of Americans. The launch of Financial Finesse Ventures—a natural extension of the company's people-first mission—will support a new era of FinTech that is 100 percent aligned with the best interests of consumers. The new venture arm, company-backed and led by Liz Davidson, Financial Finesse Founder and CEO, will seek investments in purpose-driven companies dedicated to driving positive social impact.

"While there is increased discussion about social responsibility and some encouraging macro trends in the ESG space, FinTech is significantly lagging in these areas, We are at a critical crossroads—what we do now as investors, employers, and consumers has the potential to change the trajectory of the industry. With Americans facing significant financial challenges, there is a lot hanging in the balance. FinTech has the potential to be a powerful solution; we want to do our part to make sure it is."

- Liz Davidson, CEO of Financial Finesse and Financial Finesse Ventures

The explosion in FinTech in recent years has led to an escalation in services that place profit above purpose—with a recent surge in companies selling high interest rate loans, encouraging irresponsible investing, or connecting investors with overly expensive financial products and services in exchange for high commissions. This trend is not only concerning for consumers who could fall prey to these predatory practices, but also business leaders who worry about problematic service offerings being embedded into employee-facing platforms. Financial Finesse Ventures was launched to change the trajectory of the industry, support companies that both consumers and employers can trust, and inspire other firms to begin investing in innovation for good.

We have seen a surge in FinTech firms with predatory practices selling their services to employers as an employee benefit, I'm excited to be a part of the evaluation process for Financial Finesse Ventures' investments, using standards our Financial Wellness Think Tank has developed to verify pro-consumer business models and quantify their potential social impact, said Greg Ward, CFP® and Director of the Financial Finesse Financial Wellness Think Tank™.

Through an intensive and selective process, Financial Finesse Ventures has identified a number of early-stage companies with pro-consumer models and will announce its first investment in Q4 2022. Beyond funding, Financial Finesse Ventures will help incubate its portfolio companies, leveraging Financial Finesse's relationships and expertise to fast-track their path to success.

Financial Finesse Ventures is a long overdue addition to the venture capital and FinTech industries, It is refreshing to see a company committed to financial wellness at its core, making mission-aligned investments at a time when the market for funding is tightening. With this launch, Financial Finesse is taking a key leadership role as an arbiter of socially responsible FinTech, said Elaine Hagan, Associate Dean of Entrepreneurial Initiatives at the UCLA Anderson School of Management, who works with entrepreneurs to accelerate growth of their businesses and shares Davidson's views on social impact.

About Financial Finesse
Financial Finesse is the country's leading independent provider of unbiased workplace financial wellness coaching programs. Since 1999, the firm has helped tens of thousands of organizations improve their bottom lines and become more competitive by empowering their employees to achieve financial security. The company's award-winning financial wellness programs are made available to employees at no cost as an employer-sponsored benefit. With highly personalized and ongoing one-on-one coaching from CFP® professionals, AI-powered virtual coaching, live workshops, webcasts, educational tools and content, Financial Finesse reaches over 2.4 million individuals every year.

Spotlight

It’s not taught in universities or business schools. At public accounting firms, it’s a “nice to have” but not especially relevant for their young, technically proficient auditors. And for the many today who then land corporate jobs at venture-backed startups, it generally takes a back seat to a cavalcade of seemingly more pressing priorities.

Spotlight

It’s not taught in universities or business schools. At public accounting firms, it’s a “nice to have” but not especially relevant for their young, technically proficient auditors. And for the many today who then land corporate jobs at venture-backed startups, it generally takes a back seat to a cavalcade of seemingly more pressing priorities.

Related News

INVESTMENT MANAGEMENT, FUNDING

Singapore's Avallis Investments Chooses Clearwater Analytics to Grow Business

Clearwater Analytics | January 23, 2023

Clearwater Analytics recently announced that Singapore-based fund manager Avallis Investments chose the company to power its investment data management, portfolio analytics, and investment reporting operations in order to drive higher growth across its business. The supply of investment accounting, reporting, and analytics solutions is an area in which Clearwater Analytics excels thereby, making it a market leader. Avallis Investments is a privately-held asset management firm that operates out of its headquarters in Singapore. The organization's primary goal is to grow the company's presence in the high-net-worth wealth management market in Asia. Clearwater's single instance, multi-tenant IT platform will give Avallis Investments a complete picture and single source of truth for its clients' investment portfolios. It will gain ‘a single pane of glass’ to examine their entire investment portfolio and quickly address specific reporting difficulties by eliminating the need to manually collect, reconcile, and validate data from diverse sources and systems. Thus, Avallis users can gain practical insights for wealth-building decisions. Gary Cheo, CEO at Avallis Investments, observed, "After evaluating a number of investment accounting and front-to-back-office investment operations solutions, Clearwater Analytics came out on top." (Source – Cision PR Newswire) He further added, "Clearwater's powerful network effects—its single instance, multi-tenant architecture—delivers a clear advantage for us in terms of speed, flexibility, and operational efficiencies. It also aligns with our belief in an open, transparent service model that empowers our clients and put their interests first. In a few clicks, our clients can quickly drill into portfolio specifics and track the necessary information to make effective portfolio decisions, manage risk, and measure performance." (Source – Cision PR Newswire) Scott Erickson, President, Americas and Asia, Clearwater Analytics expressed, "We're excited to work with Avallis Investments in supporting their relationship managers with Clearwater's innovative, on-demand technology platform that boosts operational efficiencies and profitability." "Avallis Investments joins our clients in Asia and around the world seeking a transformational, more competitive path forward," he concluded. (Source – Cision PR Newswire) About Clearwater Analytics Clearwater Analytics is one of the leading web-based investment portfolio accounting, reporting, and reconciliation services for institutional investors at hundreds of organizations. It reconciles and reports on $5.5 trillion in assets across thousands of accounts daily. The company provides the global standard for investment portfolio reporting from its headquarters in Boise (Idaho) and offices in Edinburgh, Frankfurt, London, New Delhi, New York, Paris, Seattle, Singapore, and Washington, D.C.

Read More

FINANCIAL MANAGEMENT, INVESTMENT MANAGEMENT

ViewTrade Adds Carrying Broker Services to Its Brokerage and Investment Offerings

ViewTrade | January 03, 2023

The broker-dealer subsidiary of ViewTrade Holding Corporation, ViewTrade Securities, Inc., announced the launch of its carrying broker services. This expands ViewTrade Holding Corporation's already robust B2B2C technology and services offerings, which are used by a variety of international customers, including broker-dealers, registered investment advisors (RIAs), and Fintechs. The financial services clients of ViewTrade Securities now have the option of opening accounts with clearing firms, brokers, and bank custodians connected to ViewTrade's technology, using carry broker technology to carry their own customer accounts, or having ViewTrade Securities, Inc. open, maintain, and bring their customer accounts directly to create an even more seamless and affordable customer experience of integrated services. Brokerage firms exist to assist their clients in bringing together two sides for trade, bringing buyers and sellers together at the most incredible price feasible for each, and extorting a commission for their service. Full-service brokerages provide extra services like research and advice on various financial products. ViewTrade offers financial services clients the technology, support, and brokerage services necessary to swiftly begin or improve a retail investment experience. ViewTrade is dedicated to providing simple, affordable solutions, and its product and service innovation is driven by customer needs and created in collaboration with its financial services clients. About ViewTrade ViewTrade powers global fintech and cross-border investing. It helps business innovators launch or improve retail investing with technology, support, and brokerage services. Its approach has helped over 300 firms, from tech startups to large banks, brokers, and advisors, differentiate customer investment experiences. The company helps business clients with investment access and financial solutions in over 20 countries. Meanwhile, Orbis Systems and ViewTrade Securities are owned by ViewTrade.

Read More

CORE BANKING, INVESTMENT MANAGEMENT

Copper Introduces Investment Product for Teenagers to Promote Financial Literacy!

Copper | December 28, 2022

Copper, the premier banking app that teaches teens and children about money and prepares them for future financial success, has expanded to include Copper Investing, a teen-centric Registered Investment Advisor (RIA). Copper Investing provides easy-to-use, automated portfolios for kids to learn about (and begin) creating wealth in a secure environment. Its goal is to give teens long-term financial power by offering them real-world learning experiences that would enable them to become better investors and not just make money. Copper goes beyond banking with Copper Investing, the first-of-its-kind platform for teen investing based on education. This comes after Copper held free workshops on money management in over 5,000 high schools across the country. The product gives teens easy-to-use, automated portfolios for investing. This helps them learn about money at a young age and use what they've learned to safely build wealth. Copper thinks that with inflation going up, teens need to learn more than just how to save money. Spending time in the market and being willing to take risks are two of the best ways for teens to build wealth. The company wants to teach them about money so that they can become smart investors. This way, parents can feel safe knowing that their teen's financial future comes first. Copper Investing uses a unique questionnaire based on best practices in the industry to find out how much risk its users are willing to take. Then, it matches them with a finely crafted portfolio that fits within their comfort zone while also taking into account what their parents want. All three of Copper's global equity portfolios don't have any exposure to bonds or cryptocurrencies. Instead, they use a diverse group of low-cost ETFs to offer a good balance between risk and long-term return. Copper has also given about $1 million to over 200,000 people on the Copper Investing waitlist. Copper will invest over $1 million into the first investment and wealth-building accounts of teenagers as soon as the investing product becomes operational. AboutCopper Copper Banking was developed to enable teenagers to obtain real-world financial experience by granting them access to their funds in a way that regular banks cannot. Copper's app and debit card help parents and teens talk about money while also teaching teens how to make smart financial decisions. The company was started with the idea that all teenagers should have equal access to financial education and be able to learn by doing, because it's never too early to be financially responsible.

Read More