MyFO, a fast-growing platform for family offices and the wealth management professionals who service them, announced the closing of its oversubscribed $3.5 million seed funding round, led by Rhino Ventures. The platform simplifies and organizes financial lives by creating a comprehensive family office platform consolidating data, documents, and stakeholder management. The new injection of funds will scale its operations to meet growing demand, enhance its product offerings, and expand its team.
The family office industry is multiplying as the number of family offices worldwide has surpassed 7,000, managing assets over $5.9 trillion, with North America leading with over 1,682 family offices identified in the last year. The industry continues to face challenges due to outdated systems and fragmented technology. Predicted to generate revenues exceeding $54.7 billion by 2032, the demand for more efficient and integrated solutions is apparent. However, traditional methods often result in high costs and inefficiencies, with annual expenses reaching up to $1 million.
MyFO is tackling these issues with a platform designed to be extremely secure and user-friendly. Although the platform uses advanced technology for tasks such as data ingestion, its primary goal is to deliver a secure and intuitive solution tailored to the unique needs of family offices, particularly those with heightened concerns about privacy and data security.
MyFO is the first tool to offer an omnipresent, end-to-end platform that integrates all aspects of family office management into one dashboard—designed to be both comprehensive and user-friendly. MyFO’s core features include an intuitive user interface, state-of-the-art analytics, scenario modeling tools, and benchmarking capabilities designed to support strategic decision-making.
Traditional client onboarding could take up to 18 months, but with MyFO, it can be completed in just a few hours. This platform integrates real-time data from over 20,000 sources, including banks, brokerages, and private equity. MyFO offers a holistic view of a client’s assets and enhances wealth management professionals’ ability to track assets, manage documents, and offer advice.
KEY QUOTES:
“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. We’ve seen firsthand the challenges faced by family offices using outdated systems, and our goal is to streamline their operations while ensuring their data remains secure as it is paramount to them.”
-Simrang Kang, CEO and Co-Founder of MyFO
“MyFO is redefining how family offices manage their most cumbersome tasks by providing a streamlined, efficient solution. 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. 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.”
-Jay Rhind, Partner at Rhino Ventures
