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Friday, December 13, 2024

AI WealthTech Company Range Raises $28 Million Series B Led by Cathay Innovation

Range, the all-in-one AI WealthTech platform, raised $28 million in Series B funding, led by Cathay Innovation and joined by Gradient Ventures and other investors. This round brings the company’s total funding to $40 million.

Traditional financial advisors have offered the same types of wealth management services to consumers for decades. Range is overhauling the sector with a new AI engine they created named: Rai. As a result, they are able to provide superior advice 10-20x faster and save their members 75-90 percent more in fees than traditional wealth advisors.

The wealth management industry is witnessing a seismic shift, and Range is at the forefront of this transformation,” said Fahad Hassan, co-founder and CEO of Range. “Within 10 years, 95 percent of the population will rely on a trusted platform like Range. We’re not just building another fintech solution—we’re fundamentally democratizing access to sophisticated wealth management for all Americans.

In less than two years, Range attracted more than 1,000 high-net-worth members and now advises them on nearly $3 billion in assets. The new capital will fuel Range’s ambitious expansion plans, accelerating product development and scaling its engineering teams to enhance its AI-powered platform. This investment comes at a time when Range is seeing unprecedented demand for its comprehensive wealth management solutions, which seamlessly integrate investment services, tax planning, estate planning, retirement planning, and insurance needs.

Co-founded by Fahad Hassan and David Cusatis in 2021, Range is an all-in-one wealth management solution. It connects every aspect of wealth management including tax filing, estate planning, retirement planning, insurance, and investments plus their in-house financial advisors optimize each member’s portfolio. Range uses a transparent, flat-fee pricing model rather than taking a percentage of a client’s wealth.

“By and large, the wealth management industry hasn’t changed in more than 75 years,” says Simon Wu, Partner of Cathay Innovation, who also joins Range’s board of directors. “Fahad, David, and the entire Range team are bringing much-needed innovation to an outmoded industry with a service that’s affordable, convenient, and provides holistic insights and advice in hours versus months or quarters. We look forward to partnering with them to supercharge their success.”

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