#United States #Range #Cathay Innovation #WealthTech #McLean

AI-Powered Innovation in Wealth Management

In a groundbreaking move for the financial services sector, Range, an all-in-one AI WealthTech platform, has successfully raised $28 million in Series B funding led by Cathay Innovation, supported additionally by Gradient Ventures and other notable investors. This latest round of capital increases the total amount raised by Range to $40 million, bolstering its mission to reshape wealth management for the modern age.

The traditional realm of wealth management has seen little innovation over the decades, often relying on outdated methodologies that do not reflect the needs of today's consumers. However, Range is dissolving these barriers through its proprietary AI engine, known as Rai. Range's revolutionary technology providing superior financial advice 10 to 20 times faster than conventional advisors while simultaneously slashing fees by 75 to 90%. This affordability and efficiency are game-changers in a field that has remained stagnant for over 75 years.

Fahad Hassan, co-founder and CEO of Range, emphasized the essence of the company's mission. He stated, "The wealth management industry is witnessing a monumental shift, and Range is at the forefront of this transformation. Within the next decade, we anticipate that 95% of the population will rely on a trusted platform like Range for their financial needs. Our goal isn’t merely to offer another fintech solution but to democratize access to sophisticated wealth management services for all Americans."

Within a mere two years of inception, Range has already garnered a membership base of over 1,000 high-net-worth individuals, advising on nearly $3 billion in assets. The fresh infusion of capital will expedite its ambitious growth trajectory, focusing on enhancing product development and scaling engineering teams. This investment comes at a time when demand for Range's comprehensive management solutions, which elegantly integrate investment services, tax planning, estate planning, retirement planning, and insurance needs, is at an all-time high.

Founded in 2021 by Fahad Hassan and David Cusatis, Range offers a holistic wealth management solution. Their platform uniquely integrates various aspects of financial management, including tax filing, estate planning, retirement strategies, insurance services, and investment guidance. Additionally, Range distinguishes itself with a transparent flat-fee pricing model, diverging from the conventional practice of charging a percentage of clients' wealth.

Cathay Innovation, a multi-stage venture capital firm renowned for backing transformative businesses, shares the vision that Range is steering towards. Simon Wu, Partner at Cathay Innovation, noted the significance of this innovative shift, stating, "The wealth management industry has not evolved significantly in over seven decades. Fahad, David, and the Range team are infusing much-needed innovation into this outdated sector, providing a service that is affordable, convenient, and delivers insightful advice within hours rather than months or quarters." He anticipates an exciting partnership that will enhance Range's potential.

Range's AI-infused platform aims to democratize sophisticated financial planning, making it accessible to everyone without minimum investment requirements. By combining state-of-the-art technology with accredited, licensed advisors, Range delivers personalized financial analysis, robust tools for financial growth, and 24/7 support.

As the company continues to grow at an impressive rate, its innovative approach reflects a significant shift in how Americans engage with and manage their wealth. This paradigm shift not only represents the advancements in technology but also marks a new era of accessibility within the wealth management landscape. For more information about their services and growth journey, visit Range's website.

The future looks bright for Range and its mission to transform wealth management, bringing advanced tools and resources to the fingertips of countless individuals seeking to secure their financial futures.