- Zoe Financial, a company that is transforming how Americans approach their personal finances, announced it raised $3 million in additional angel investment
Zoe Financial is a company that is transforming how Americans approach their personal finances. And due to Zoe’s recent strong execution and traction, the company attracted new investors that it raised $3 million in additional angel investment. Including this round, Zoe has raised a total of $5 million.
Third Stream Partners (headed by former Chairman of Financial Engines Blake Grossman), Stephanie Demarco (Advent Technology founder), and Brian Finn (former Credit Suisse First Boston president) are the most recent Zoe investors. And the existing investors who also participated in the round include Chris Jones (former co-CIO of Blackrock’s Global Active Equities) and George Gatch (current JP Morgan Asset Management CEO).
“Zoe’s strong traction this past year further validates the need for this service. Wealth Management is a trillion-dollar industry primed for digital disruption and transformation, and Zoe is rapidly emerging as a leader in that market,” said Jones.
Zoe founder Andres Garcia-Amaya, CFA is a Morgan Stanley alum and former JP Morgan Executive Director. And he pointed out that the company’s recent success “is a result of remaining focused on controlling the quality of advisors that join the network and removing friction points to the consumer digital experience.”
Garcia-Amaya also pointed out that technological innovation coupled with the shifts in client preferences threaten large banks and brokerages. And he added that they are still stuck “delivering access to financial products as the value proposition, but what the client wants is highly personalized advice.”
Zoe makes the matchmaking process easier with a curated network of the top independent financial advisors that are accredited Certified Financial Planners (CFPs,) CFAs, or CPAs.
After Zoe launched in February 2018, the company signed on a few clients with less than $3 million of combined investable assets that used their matching algorithm to hire an advisor. And 18 months later, Zoe now boasts hundreds of clients with more than $140 million of investable assets that have hired their independent fiduciary advisor through the network.
