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

Rhea-AI Summary

Range, an AI WealthTech platform, secured $28 million in Series B funding led by Cathay Innovation, bringing total funding to $40 million. The company's AI engine, Rai, delivers wealth management advice 10-20x faster while saving members 75-90% in fees compared to traditional advisors. Since its 2021 founding, Range has attracted over 1,000 high-net-worth members and manages nearly $3 billion in assets. The platform is experiencing 20% month-over-month membership growth and operates on a transparent flat-fee model, integrating investment services, tax planning, estate planning, retirement planning, and insurance needs.

Positive

• Secured $28M Series B funding, bringing total funding to $40M
• Managing nearly $3B in assets from 1,000+ high-net-worth members
• 20% month-over-month membership growth
• AI technology delivers 10-20x faster service with 75-90% cost savings
• Flat-fee pricing model versus traditional percentage-based fees

Negative

• None.

The new face of wealth management creates ai powered software to drive optimization; membership is increasing 20% MoM, Appoints Chris Davidson of House Call Pro as CTO

MCLEAN, Va., Nov. 26, 2024 /PRNewswire/ -- 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."

About Range
Range is upending wealth management through its AI-powered platform that puts sophisticated financial planning within everyone's reach. Combining proprietary artificial intelligence technology with world-class, licensed financial advisors, Range delivers personalized guidance, comprehensive financial tools, and 24/7 support—all with no minimum requirements. The company's rapid growth and innovative approach are transforming how Americans manage and grow their wealth. For more information, visit www.range.com.

About Cathay Innovation
Cathay Innovation is a multistage venture capital firm, affiliated to Cathay Capital, investing in founders building transformative businesses across Europe, North America, Asia, Latin America and Africa. Its platform connects founders with investors and its ecosystem of leading Fortune500 corporations to help startups scale and transform industries with consumer to enterprise and AI solutions in commerce, fintech, digital health and mobility/energy.

Founded in Paris in 2015, Cathay Innovation now manages over $2.5B AUM with additional offices in San Francisco,  Berlin, Shanghai and Singapore and has invested in over 100 startups including Chime, Pinduoduo (NASDAQ: PDD), Glovo, Wallbox (NYSE: WBX), Owkin, Getaround, Ledger, ZenBusiness, Alma, Descartes Underwriting and more.

To learn more, visit us at www.cathayinnovation.com or follow us on LinkedIn or Twitter @cathayinnov

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SOURCE Range

FAQ

How much funding did Range raise in its Series B round?

Range raised $28 million in Series B funding led by Cathay Innovation.

What is Range's current assets under management?

Range advises on nearly $3 billion in assets.

How does Range's AI technology improve wealth management services?

Range's AI engine, Rai, provides wealth management advice 10-20x faster and saves members 75-90% in fees compared to traditional advisors.

What is Range's current membership growth rate?

Range is experiencing 20% month-over-month membership growth.