OneAdvisory – the first wealthtech solution enabling effortless client data management for registered investment advisors (RIAs) – recently announced that it has raised $8 million in seed funding. The funding round was led by global venture capital firm F-Prime Capital, with participation from existing investors Fika Ventures, Great Oaks, and Twelve Below.
Also joining the round were new investors CoFound Partners; The Compound Capital Fund I, LP, a qualifying venture capital fund established through Ritholtz Wealth Management; Flyover Capital, the affiliated venture capital fund of Mariner Wealth Advisors; and Valor Equity Partners.
The funding comes at a formative time for the company as it rebrands from OneAdvisory to Dispatch. The company co-founders Madalyn Armijo, Rafi Lurie, and Rob Nance refreshed the brand to better align with the company’s expertise. RIAs work with Dispatch because they want client data to flow seamlessly across their tech stack.
Dispatch operates silently behind the various software products that firms use. It acts as a coordinator, “dispatching” data across systems in real time. Firms can instantly onboard clients to their entire tech stack, eliminating the need to re-enter and maintain data across applications. Any changes made in one application are updated across the tech stack. Dispatch’s API provides technology companies with integration access to the industry’s most popular wealthtech products.
Dispatch plans to use the funding to invest heavily in engineering and client service resources, responding to the burgeoning demand for a data connectivity platform. The funding is also intended to help the company form additional partnerships with CRMs, financial planning tools, and custodians.
Dispatch is focused on providing memorable client experiences through its products and services. Over the last year alone, the solution helped a $15 billion RIA generate over $13 million in additional annual revenue through enhanced efficiencies. Plus, it has successfully solved several other data flow challenges for RIA aggregators and wealthtech partners.
The team behind Dispatch – comprising experienced technologists and wealth management industry professionals – brings a unique perspective. Their extensive background, which includes roles at well-known companies like Uber and Noom and Dimensional Fund Advisors, Morgan Stanley, and Wells Fargo, is instrumental in shaping Dispatch’s innovative approach to tackling data flow issues in the RIA sector.
KEY QUOTES:
“Dispatch is defining the category of ‘data orchestration’ in wealth management, which makes the company a very exciting investment for us. The world-class team at Dispatch has proven to be adept at solving complex challenges in the finance industry and we’re excited to partner with them to address the data flow challenge across wealth management.”
— David Jegen, managing partner of F-Prime’s technology fund
“We built Dispatch to enable advisors to spend more time with their clients and less time on duplicative data management. As an advisor, I was frustrated by the time spent maintaining data across multiple applications. Advisors can use Dispatch to build a custom tech stack with seamless data cohesiveness. We’ve received a warm welcome from the wealth management community, and we’re eager to introduce Dispatch to the broader industry.”
— Co-founder Rob Nance
“In the financial services sector, the challenge of overseeing client data across disparate systems is significant. Dispatch addresses this pain point by eliminating manual data input and establishing a bidirectional sync across wealth platforms which creates valuable efficiencies for organizations of any size and makes life easier for both client and advisor.”
— Marty Bicknell, general partner at Flyover Capital and founder and CEO of Mariner Wealth Advisors
“We believe in transforming the advisor’s desktop so that both the advisor and client experience can meet and surpass expectations. Dispatch is treating client data as the connective tissue that automatically syncs and updates across the entire tech stack, ultimately making what has been a complex task simple.”
— Michael Batnick, managing partner at Ritholtz Wealth Management and the Fund Lead for The Compound Capital Fund 1, LP
