Marstone closes USD5m Series A funding

Marstone, a digital wealth technology firm, has held the second close of a USD5 million Series A financing round bringing the company’s total funding to over USD20 million. 

The first close, led by Apex Fintech Solutions LLC, the “fintech for fintechs” powering innovation and the future of digital wealth management, was completed in May 2020, with Amerant Bancorp Inc. (NASDAQ: AMTB and AMTBB) (Amerant) leading the latest with a USD2.5 million investment. Other Series A participants include Peter Kraus, John Thain, Kristen Dickey, Tom Freeman, Michael Rafferty, Richard Wastcoat, and other early investors. Founded in 2013 by Margaret Hartigan and Robert Stone, Marstone is a one-stop digital wealth platform accelerating customer-facing strategies for global organisations.

“The financial industry is in the midst of incredible transformation,” says Margaret J Hartigan, Co-Founder and CEO, Marstone. “Consumers are hungry for highly personalised, digital-first wealth and banking experiences that grow their financial understanding and empower them to make smarter, forward-looking decisions. Financial institutions that can’t or won’t meet these needs will be surpassed by those that do. With Marstone, institutions can reinvent themselves, become - or remain - relevant as the massive coming wealth transfer accelerates, and stem the movement of assets to competitors through a diversity of digital offerings, products, and services.”

Today’s financing allows Marstone to further diversify the financial planning and wellness toolset offered via its platform, an increasing demand from today’s digital-first consumers. In addition to new consumer expectations, the global pandemic brought new urgency to financial institutions, making cost cutting, cross-generational accessibility, and digital offerings imperative for survival and growth. Because it can take years to develop these tools in-house, Marstone offers a comprehensive, industry-leading solution that can be implemented in a fraction of the time, helping organisations create a seamless digital experience that creates backend efficiencies and cost-savings, all while meeting evolving end-user demand. This financing comes following Amerant Bank N.A. recently entering into a multi-year agreement with Marstone. Coupled with the investment by Amerant Bancorp Inc, Amerant will nominate one director to serve on Marstone’s Board of Directors.

“Since its inception, Marstone has been a step ahead of the industry,” says Peter Kraus, Chairman of the Board, Marstone and Chairman and CEO, Aperture Investors. “The team had the foresight to prioritise backend integrations and end-user experience, all while evolving the platform as consumer expectations shifted. As a result, they’ve created a solution that makes the process of financial planning and wellness personal, robust, and comprehensive.”

“We are excited to make this investment in Marstone and support its mission to make financial planning more attainable for everyone,” says Jerry Plush, Vice Chairman & CEO of Amerant. “Marstone’s platform allows us to offer our customers a highly personalised, thoughtful, and specialised experience. We look forward to further developing our relationship as Marstone continues to create an industry-leading financial ecosystem.”