PROVIDENCE – Wealthbox, a Providence-based customer relationship management software platform for financial advisers, received a $31 million equity investment Tuesday from Frontier Growth.
Frontier Growth, an equity firm focused on fast-growing software businesses, now has a minority stake in Wealthbox, which is known for its modern product design, powerful features and intuitive user experience and is now integrated with leading custodial platforms and wealth-tech products, according to a news release announcing the investment.
Founded by serial entrepreneurs John Rourke and Dan Ferranti, Wealthbox has offices in Providence and New York City.
“Frontier Growth has an amazing track record in helping rapidly growing companies scale even faster, and we’re delighted to partner with them in our Series B round of financing,” Rourke, CEO of Wealthbox, said in a statement. “The investment capital for Wealthbox will allow us to accelerate product development and innovation so we can continue providing best-in-class CRM [customer relationship management] and related software solutions for financial advisory firms of all sizes.”
As part of the transaction, Richard Maclean and Matt Williams of Frontier Growth will join Rourke and Ferranti on Wealthbox’s board of directors. Prior to the transaction, Starburst Labs Inc., the parent company of Wealthbox, spun out Wealthbase, a social trading app for retail investors, which is now operating as its own separate company. Wealthbox is now the sole property of Starburst Labs.
“Wealthbox’s talented team, impressive growth rate and excellent business metrics are a great fit for the added support, expertise and funding we offer,” Richard Maclean, managing partner and co-founder of Frontier Growth, said in a statement. “We look forward to the partnership with the Wealthbox team to help financial advisory firms better operate their businesses with Wealthbox as their hub software.”
