Simon Markets LLC, a NYC-based digital wealth management platform for financial professionals, closed the first leg of a strategic financing round of up to $100m of growth capital.
The Series B round was led by WestCap, with participation from existing investors. Additionally, WestCap Partner and former Ipreo President and COO Kevin Marcus is joining Simon’s Board of Directors.
The company intends to use the funds to further advance its core offering across structured investments and annuities, while driving additional growth initiatives centered on product and geographic expansion.
Led by Jason Broder, CEO, Simon provides a technology platform that streamlines the work of financial professionals, enabling them to explore alternative investment solutions. The platform delivers structured investment, annuity, and defined outcome ETF solutions to over 100,000 financial professionals, who serve $5 trillion in client assets, empowering them with on-demand education, a marketplace, real-time analytics, and lifecycle management.
Originally incubated within Goldman Sachs, Simon launched as an independently operating company in December 2018 under the shared ownership and direction of seven leading financial institutions—Barclays, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Prudential, and Wells Fargo.
The company also has an additional location in Birmingham, AL.