Advisor fintech company Tifin has secured new funding to spin off its asset manager distribution software into an independent company.
Tifin Asset Manager Platform, or AMP, announced the close of a $10 million Series A funding and the establishment of a new board of directors separate from that of the parent advisor fintech company. The fundraising was led by Motive Ventures, the venture capital arm of Motive Partners. Motive’s Alvi Abauf will join Tifin AMP’s board.
Tifin launched AMP in 2022. The company says the platform uses machine learning and data science to help firms find untapped opportunities to sell funds and manage accounts among existing clients and prospects. In February, Tifin announced a partnership with Morningstar to bring industry trend information into AMP.
“The wealth and asset management industry is at an AI tipping point — Tifin AMP recognized this long before AI was hyped,” Ramin Niroumand, head of Motive Ventures, said in a statement. “Their strong growth since launch, combined with the heavyweight players in their pipeline, are reasons that we believe in AMP.”
The new funding deepens the connection between the fintech company and Motive Partners, which led a $109 million round of funding into Tifin in 2022. Tifin has raised a total of $204 million and is valued at $842 million.
"Intuitively, this makes sense. Asset managers need new distribution channels, and they need insights into the behaviors of existing clients and prospects," Joel Bruckenstein, the producer of the Technology Tools for Today, or T3, conference, said in an email. "If this platform can deliver on the promise, it will be successful."
In July, the company made a deal with Chalice Network to offer preferred pricing of Tifin fintech to Chalice’s 60,000 advisors, and more recently it announced it would offer free access to advisors affiliated with the National Association of Personal Financial Advisors who manage less than $100 million.
However, it's not clear how fast Tifin is growing among financial advisors. Tifin Risk claimed 0.82% of the risk tolerance software market, while Tifin Wealth had just 0.51% of market share among financial planning tools, according to the 2023 T3 Inside Information Advisor Software Survey, which polled more than 3,000 advisors. Tifin Clout has 0.36% of the digital marketing technology market.
Last year, just one month after it closed the $109 million round of fundraising, TIFIN laid off 10% of its workforce.
The company did not respond to a request for additional comment.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
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