FLX Networks Secures $10 Million in Strategic Investments, Led by Barings

Rhea-AI Summary

FLX Networks has successfully raised $10 million in growth equity funding, valuing the company at approximately $50 million. The funding round was led by Barings, with participation from Allianz Life Ventures and Broadridge Financial Solutions (NYSE: BR). This investment aims to enhance FLX's technology and expand its team. Since its inception in December 2019, FLX has achieved over $1 billion in investment product sales and saved member asset managers more than $10 million in costs, demonstrating strong market confidence in its platform.

Positive

• Raised $10 million in funding, increasing overall valuation to approximately $50 million.
• Achieved over $1 billion in investment product sales since launch.
• Saved member asset managers over $10 million in discretionary costs.

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• None.

Allianz Life Ventures and Broadridge Financial Solutions join asset manager, rounding out global investment in modernized model

BERNARDSVILLE, N.J., Nov. 3, 2022 /PRNewswire/ -- FLX Networks, the technology platform modernizing the engagement between asset and wealth management firms, today announced a capital raise of $10 million. The growth equity round, which values the company at approximately $50 million, was led by global investment manager Barings, with participation from industry leaders Allianz Life Ventures and Broadridge Financial Solutions (NYSE: BR).

"This solidifies FLX as a leader in simplifying the asset manager-to-financial advisor engagement," said Brian Moran.

The raise reflects cross-industry confidence in the platform and coincides with several milestones for FLX Networks. The Company, which will celebrate its third anniversary in December, achieved over $1 billion in investment product sales, saved member asset managers more than $10 million in discretionary costs, and surpassed 1,000 in overall industry membership. To continue momentum, the new capital will be allocated to technology builds and new personnel.

"At Barings, we have seen firsthand how FLX is able to simplify the engagement between asset managers and the wealth management community to expand access to institutional-quality investment strategies," said Tom Bavin, Head of Corporate and Product Strategy at Barings and a FLX Networks Board Member. "We believe this latest funding round will help to accelerate FLX's mission and scale the technology platform."

Since its launch in December 2019, FLX Networks has overcome – and excelled during – the COVID pandemic and its resulting remote work environment, market volatility, and record inflation by addressing a shifting asset-to-wealth manager engagement paradigm. Its simplified, modernized engagement model has resonated with firms of all sizes, as it enables them to leverage synthetic scale and strategic partners rather than allocating resources to costly, time-consuming services. Currently nearly 60 asset management firms save significant time through its centralized resource platform and have access to strategic partners providing services ranging from lead generation to video production to dynamic product management solutions.

"These strategic investments solidify FLX Networks as a leader in modernizing and simplifying the engagement experience between an asset manager and the financial advisor," commented Brian Moran, FLX founder and CEO.

"Data and analytics is critical to distribution and this investment is a natural fit for Broadridge as it will help empower asset managers' growth through sales, marketing, and product management initiatives," said Dan Cwenar, president of Broadridge Data and Analytics. "We look forward to complementing the innovative distribution model FLX has pioneered with our industry leading data and analytics solutions." 

"The ways that financial professionals want to engage with asset managers has changed drastically over the past few years, with more and more people looking for easy to use, digital capabilities," said Chad Virgin, managing director, Allianz Life Ventures. "FLX can help make this entire process more efficient, and provide opportunities for asset managers and insurance carriers to tap into new insights and data they might not have had previously."

About FLX Networks

FLX Networks revolutionizes engagement for asset and wealth management firms and financial advisors. FLX community members access thought leadership, investment ideas, business resources, and industry connectivity in one centralized destination, delivering productivity, savings, and growth.

About Barings

Barings is a $338+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.

*As of September 30, 2022

About Allianz Life Insurance Company of North America

Allianz Life Insurance Company of North America, one of the FORTUNE 100 Best Companies to Work For^® and one of the Ethisphere World's Most Ethical Companies^®, has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products. In 2021, Allianz Life provided additional value to its policyholders via distributions of more than $10.6 billion. As a leading provider of fixed index annuities, registered index-linked annuities and fixed index universal life insurance, Allianz Life is part of Allianz SE, a global leader in the financial services industry with approximately 150,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer's Minnesota United.

About Broadridge Financial Solutions

Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with more than $5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than $9 trillion of equities, fixed income and other securities globally. A certified Great Place to Work^®, Broadridge is part of the S&P 500^® Index, employing over 14,000 associates in 21 countries. For more information about us and what we can do for you, please visit www.broadridge.com.

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SOURCE FLX Networks

FAQ

What recent funding did Broadridge Financial Solutions participate in?

Broadridge Financial Solutions participated in a $10 million funding round for FLX Networks.

What is the valuation of FLX Networks after the latest funding round?

FLX Networks is valued at approximately $50 million following the recent funding round.

When did FLX Networks achieve over $1 billion in investment product sales?

FLX Networks achieved over $1 billion in investment product sales since its launch in December 2019.

What are the main benefits reported by FLX Networks' members?

FLX Networks' members have saved over $10 million in discretionary costs and gained access to strategic partners.