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WBI’s affiliate CyborgTech has announced its acquisition of Fortuna, a FinTech firm based in Toronto, specializing in client communication technology for financial advisors. The acquisition includes Fortuna360, a video relationship management platform, and a Client Acquisition Platform to enhance client connectivity and advisor growth. CyborgTech aims to integrate this technology to streamline wealth management and improve investment outcomes. The transaction terms remain undisclosed, but it is expected to bolster Cy's capabilities in the post-pandemic digital client acquisition landscape.
Positive
Acquisition of Fortuna360 enhances client communication and relationship management.
Strengthens Cy's platform for financial advisors to scale their businesses efficiently.
Integration aims to improve client investment outcomes and overall service delivery.
Negative
None.
Cy to Integrate Fortuna360 Video and Client Acquisition Platform
RED BANK, N.J.--(BUSINESS WIRE)--
WBI’s affiliate CyborgTech, the technology firm that developed Cy, an award-winning advisor-assisted robo advisory platform, announced today that it is acquiring Fortuna, a Toronto based FinTech specializing in sales enablement and client communication technology for financial advisors. Through the transaction CyborgTech will be acquiring Fortuna360, a video relationship management platform for financial professionals. The platform enables collaboration in a secure and efficient manner that fosters lasting client relationships through increased client connectivity. As part of the acquisition, Cy will also acquire Fortuna’s Client Acquisition Platform which helps to connect consumers with financial advisors. In 2021 and 2022, Cy was selected as the winner of the “Best Robo Advisory Platform” by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies, and products in today’s global FinTech market. Cy is an enterprise grade robo advisory platform that pairs human financial advice with machine optimized portfolios. Cy is a Cloud based all-in-one, investor-centric platform offering complete client profiling and benchmarking, a required rate of return calculator, loss simulator, advanced portfolio optimization, digital onboarding and back-office service. Fortuna has won numerous industry awards representing Canada at the global stage. Fortuna was one of the winners of the Bank of Montreal-DMZ Fintech accelerator program soon after inception and most recently selected as part of an exclusive group of Top FinTech Startups in Canada for 2021. “Over the last few years, Cy has partnered with Fortuna to digitize our marketing and sales outreach. We are excited to acquire the sales enablement and client communication platforms from Fortuna. This technology will give Cy and the advisors using the platform the tools to supercharge growth and efficiently scale their business,” said Matt Schreiber, CEO of CyborgTech. “About 5 years ago, the Fortuna team came together with a mission to connect advisors with high-net worth prospects. Since then, we’ve helped 1000s of financial advisors with an entirely new way to get in front of new clients. The fact is that post-pandemic the vast majority of client acquisition begins online. Today, we’re very excited to announce this acquisition to further our original mission. Cy has built a platform to onboard this client base in a seamless manner. It’s a natural fit, we’re very excited to give end consumers direct access to investment management,” said Omer Jamal, CEO of Fortuna. Cy is expected to embed Fortuna’s technology to further streamline the financial advisor’s business practice, digitize wealth management and improve client investment outcomes. The economics terms of the acquisition were not disclosed.
About WBI
Founded in 1984, WBI is a trailblazer of technology-driven, goals-based wealth management solutions. The firm is a pioneer of active cash-hedged separately managed account and ETF strategies. WBI is a leader in providing client solutions tailored to their personal benchmarks for loss and return. For more information, visit wbiinvestments.com.
About CyborgTech
Cy is a revolutionary robo advisory platform that pairs human advice with machine optimized portfolios for loss and return. The platform also offers streamlined client profiling, loss and return benchmarking, personalized investment proposals, electronic account opening, billing and back-office support. The enterprise grade platform can be white-labeled for broker-dealers, RIAs, asset managers, and other institutions. For more information visit investwithcy.com
About Fortuna
Founded in 2017 by ex-mutual fund wholesalers, Fortuna is an AI powered platform helping financial services scale leveraging video, automation and digital tools to get new clients and ultimately boost assets under management. Fortuna was the winner of the DMZ-Bank of Montreal Fintech Accelerator program and most recently participated in Silicon Valley based-Canadian Technology Accelerator program representing 8 of the most promising tech companies of the Canadian tech ecosystem. Fortuna is a leader in servicing the financial advisor market with a core focus on building the future of Financial Advice.
