Firm aims to transform the way family offices manage wealth
A Vancouver wealth technology firm has gained the backing of investors in an oversubscribed seed funding round.
MyFO aims to transform the way that family offices manage wealth though a comprehensive platform that simplifies and streamlines processes including the management of data and documents and stakeholder management.
The fast-growing end-to-end platform is already integrated with over 20,000 financial institutions across North America and the $3.5 million raised from investors led by Rhino Ventures will help scale operations, new product launches, and the team.
Co-founder and CEO Simrang Kang says the platform has been developed by close observation of the family office environment.
"Our mission is to transform how family offices operate by providing them a platform that balances cutting-edge technology with a deep understanding of our clients' needs," she said. "We've seen firsthand the challenges faced by family offices using outdated systems, and our goal is to streamline their operations while ensuring their data remains secure as it is paramount to them."
Kang is also an advisor with Lansberg Gersick Advisors and is on the BC Tech Board but was previously a partner at Canadian multi-family office FDC & Co. and also advised ultra-high-net-worth individuals and families at PwC. Co-founder Jonathan Ricci was also with PwC.
Using AI
MyFO is assisted by AI for tasks such as data ingestion and provides a single dashboard with integration of all aspects of family office management. Onboarding takes only hours thanks to integration of real-time data from over 20,000 sources—including banks, brokerages, and private equity – to give a holistic view of a clients’ assets.
Jay Rhind, partner at Rhino Ventures, says MyFO is redefining how family offices manage their most cumbersome tasks.
“With only 16% of family offices currently using a data aggregation tool, there is a clear gap in the market, highlighting both a lack of adequate solutions and significant dissatisfaction with existing options," he said. "In such a niche and specialized category, the experience and vision of the founding team are paramount. Jon and Simran bring invaluable insights from their deep experience in the family office industry, which positions them uniquely to build the control hub for family offices. As they continue to innovate and expand the platform, we believe MyFO is poised to become the go-to solution, offering an evolving suite of services that will unlock new opportunities for families, wealth managers, and investors alike."
