Pave Finance adds $5M to Series A, taking round to $20M
What's the deal? Pave Finance, a New York-based AI portfolio manager, has raised an additional $5 million in a Series A extension. The round now totals $20 million.
What does it do? Founded in 2021, Pave builds portfolio management tools for financial advisors, letting them customize, personalize, and automate how they construct and manage client portfolios.
What's the money for? Pave will begin hiring more than 40 people, taking headcount past 100. It is focusing on its market-facing and engineering teams.
How it makes money: The firm earns revenue three ways — software licensing on a monthly SaaS fee, broker-dealer activity such as trading and securities lending, and investment advisory fees for managing assets.
The signal: Pave is betting on the global wealth management sector, which it expects to top $217 trillion by 2031. The extension points to continued investor appetite for AI tools aimed at the advisory market.
Read more: crowdfundinsider.com
Image credit: kenteegardin
