FeeX, an emerging financial technology firm that enables financial advisors to securely manage their clients’ retirement accounts, has changed its name to Pontera. Additionally, the company has announced that it has received $80 million in three funding rounds.
Founded in 2012, FeeX (now Pontera) has gained significant traction across the wealth management industry in the last few years. Headquartered in New York City, the fintech company facilitates its customers through innovative and efficient solutions.
According to the financial technology firm, its recent name change highlights the company’s vision to create a bridge between individuals and better retirement outcomes. The importance of financial advisors in the management of retirement funds has increased significantly in the last few years.
“There are tremendous benefits to advisor management of held away accounts, including 401(k)s. Third-party studies have found that a professionally managed 401(k) account can outperform a self-directed account by more than 3% annually, even after accounting for fees,” said the Co-Founder and CEO of Pontera, Yoav Zurel. “Prior to Pontera, advisors who wanted to provide this support had limited options that often came with security or compliance risks.”
Partnerships
In the past few years, Pontera formed several collaborations with prominent technology firms to facilitate financial advisors. The company’s partners include Carson Group, Priority Financial Group, Dynamic Advisor Solutions and CoastalOne.
“We saw early on how Pontera provides a critical service for financial advisors looking to better serve their clients,” said Yoni Cheifetz, partner at Lightspeed Venture Partners. “It’s not surprising that they have grown more than threefold in each of the past three years. We believe in the product, and more importantly, we believe in the team that is making the growth happen.”
Pontera’s latest funding rounds saw participation from The Founders Kitchen, Hanaco Ventures, Hyperwise Ventures, Blumberg Capital and other well-known individual investors.
