PROVIDENCE – Marstone Inc. has announced the second close of a $5 million Series A financing round, bringing the company’s total funding to $20 million.
The funding round was led by Amerant Bancorp Inc. Marstone’s first Series A financing round was led by Apex Fintech Solutions LLC.
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Marstone, a financial technology firm, has offices in Providence and New York City. The financing was announced on Monday.
Series A financing is typically sought by businesses that already have a track record and can use the additional money to further optimize their user base and product offerings.
The latest round of funding will allow Marstone to “further diversify the financial planning and wellness toolset offered via its platform, an increasing demand from today’s digital-first consumers,” the company said.
The financial industry is in the midst of incredible transformation,” said Margaret J. Hartigan, co-founder and CEO of Marstone. “Consumers are hungry for highly personalized, digital-first wealth and banking experiences that grow their financial understanding and empower them to make smarter, forward-looking decisions. Financial institutions that can’t or won’t meet these needs will be surpassed by those that do. With Marstone, institutions can reinvent themselves, become – or remain – relevant as the massive coming wealth transfer accelerates, and stem the movement of assets to competitors through a diversity of digital offerings, products, and services.”
The company, which was founded in 2013 and is headquartered on Chestnut Street in the Jewelry District, said this round of financing follows a recent multiyear agreement that Marstone entered into with Amerant.
“We are excited to make this investment in Marstone and support its mission to make financial planning more attainable for everyone,” said Jerry Plush, CEO and vice chairman of Amerant. “Marstone’s platform allows us to offer our customers a highly personalized, thoughtful, and specialized experience. We look forward to further developing our relationship as Marstone continues to create an industry-leading financial ecosystem.”
