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

    11/26/24 8:00:00 AM ET
    $PDD
    $WBX
    Business Services
    Consumer Discretionary
    Industrial Specialties
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    Get the next $PDD alert in real time by email

    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.

    The Range Team

    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

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/ai-wealthtech-company-range-raises-28-million-series-b-led-by-cathay-innovation-302316288.html

    SOURCE Range

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    Q&A

    New
    • How much funding did Range raise in its latest funding round?

      Range raised $28 million in Series B funding, bringing its total funding to $40 million.

    • What advantages does Range's AI engine, Rai, offer over traditional wealth management services?

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

    • How many members and how much in assets does Range currently manage?

      In less than two years, Range has attracted over 1,000 high-net-worth members and manages nearly $3 billion in assets.

    • Who has been appointed as the CTO of Range?

      Chris Davidson, previously of House Call Pro, has been appointed as the CTO of Range.

    • What is the current month-over-month growth rate of Range's membership?

      The rapid growth of Range's membership is 20% month over month, fueled by unprecedented demand for its wealth management solutions.

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