The growth validates the importance of BridgeFT’s first WealthTech-as-a-Service offering across the wealth management landscape.
CHICAGO, Dec. 27, 2023 /PRNewswire/ — BridgeFT, an API-first, cloud-native wealth infrastructure software company that enables financial institutions, fintech innovators, and registered investment advisors to deliver better, data-driven outcomes for their clients, announced today that the total assets under management powered by BridgeFT’s WealthTech API across its client network grew by more than 100% in 2023, the first full year since WealthTech API was made available to firms and fintech companies seeking an API-first approach to handle multi-custodial data.
“This was a year of incredible growth and industry validation for our WealthTech-as-a-Service platform,” said Joe Stensland, Chief Executive Officer of BridgeFT. “In the first year of WealthTech API’s launch, we have been honored to work with some of the most innovative and forward-thinking companies across the wealth management landscape to get their own offerings to market faster, more effectively, and in a budget friendly way.”
BridgeFT’s WealthTech API is the industry’s first WealthTech-as-a-Service platform, offering a single, open API to trade-ready, multi-custodial data, analytics, and application services. BridgeFT’s WealthTech API empowers clients to reimagine the potential of their financial data and technology stack by removing the need for individual data feeds from a range of custodians and back-office providers, allowing wealth management firms and fintech companies to create differentiated, next-generation applications.
Custodians hold a range of data that drives the investment ecosystem, from positions and balances to client holdings and trades. Each custodian has its own data policy, structure, and systems, forcing fintech companies and other financial institutions to build custom programs to ingest the data. This adds both development time and cost. By simplifying access to the underlying data, WealthTech API allows financial innovators to rethink and streamline their own tech stacks and create differentiated tools and solutions for their own clients using BridgeFT’s applications and developer-to-developer support.
Over the past year, BridgeFT has enjoyed broad expansion of its business. Highlights include:
- Dynasty Financial Partners selected BridgeFT’s WealthTech API as its primary custodial data partner to power Dynasty’s integrated wealth technology offerings across the Dynasty Network. In conjunction with this partnership, Dynasty and its select affiliates made a strategic minority investment in BridgeFT.
- BridgeFT launched its WealthTech API Marketplace, which offers clients access to the company’s curated group of technology providers that are reshaping wealth technology by delivering application services that are pre-integrated with BridgeFT’s WealthTech API infrastructure. Initial partners in the Marketplace include Yayati, a quantitative investment technology company offering wealth personalization infrastructure for enterprises to build scalable advisor workflows and client investment experiences, and Intrinio, a full-service financial data provider.
- Jim Hays, one of the most respected leaders in U.S. wealth management, joined BridgeFT as a strategic advisor. Hays, who previously served as president and chief executive officer of Wells Fargo Advisors and head of Wells Fargo’s Wealth and Investment Management Client Relationship Group, works closely with Stensland and the BridgeFT leadership team, using his deep knowledge of the financial technology landscape to help the company position its groundbreaking technology to best serve asset managers, wealth managers, and fintech companies.
- BridgeFT worked with a range of companies across the wealthtech ecosystem, including Income Laboratory, Inc. (Income Lab), the leading provider of retirement income management software; ZOE Financial, a wealth platform that connects individuals seeking service, stewardship, and solutions with the most qualified advisors in the country, and ALLINDEX, a high-growth, global custom indexing and thematic portfolio construction platform.
- BridgeFT won the Industry Disruptors award in the WealthManagement.com 2023 Industry Awards and was named the “Best Data, Information or Business Intelligence Provider (US)” at the Second Annual WealthBriefing WealthTech Americas Awards.
To learn more about BridgeFT and our integration partners, visit us at https://www.bridgeft.com/partners/.
