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FundGuard, an Israeli fintech startup that offers an AI-powered SaaS investment management and asset servicing enterprise platform, closed a $40 million Series B funding round from investors that included Citi and State Street Corp.
Fintech is one of the hottest sectors of Israel Startup Nation, along with cyber security startups. Fintech applies to anything having to do with money, banking, investments and so forth and Israel is awash in such new companies so FundGuard is in good company. For example, RiseUp, an Israeli fintech startup that offers a new financial platform, raised $30 million earlier this month.
FundGuard is a next-generation SaaS (software as a service) platform for investment management and administration that is powered by AI (artificial intelligence). FundGuard helps asset managers and fund administrators to manage mutual funds, ETFs, hedge funds, insurance products, and pension funds, supporting digital transformation, operations automation, AI-based insights, resiliency, and migration to the cloud. FundGuard is backed by strategic partners including Citi and State Street Corp, venture firms Blumberg Capital, LionBird Ventures, and Team8 Capital among others, as well as industry executives Heidi Miller, Jack Klinck, Jay Mandelbaum and others.
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“Having the world’s leading financial services organizations join us as strategic partners and investors is an exciting endorsement of our vision to build a new-generation of global asset servicing capabilities for asset managers and their service providers,” said Lior Yogev, FundGuard CEO and co-founder.
FundGuard President John Lehner added: “By harnessing the cloud and AI, our technology enables our clients to be more cost effective and offer new and innovative products at scale. This new investment will allow us to accelerate our growth and continue to attract top talent so that we can meet the demand we are seeing from asset managers and service providers who realize their legacy technology, simply put, costs too much and can’t do what they need it to do”.
