Practifi, a business management platform for financial advisors, raised $16.3 million in Series B funding.
The funding was led by Updata Partners, with participation from existing investors, including Equity Venture Partners (EVP).
With this investment, Practifi plans to scale the team, expand presence worldwide, and invest in the software platform to further elevate the client experience.
“Our vision is to create the most efficient business management platform possible for financial advice firms,” said Glenn Elliott, co-founder and CEO of Practifi.
According to the company, its platform allows financial advisors, family offices, and broker-dealers to manage their client relationships, monitor compliance, and automate workflows, through an easy-to-use interface.
“In a competitive market, Practifi has created a tool that enables growth, compliance, and efficiency for financial advice firms,” said Carter Griffin, general partner at Updata Partners.
Carter Griffin added, “We invested in Practifi because they have a genuine vision for an industry that needs revolutionizing. We’re excited to be partnering with them as they build exciting new features and create a more innovative financial services solution.”