Fintech firm InvestCloud has completed a recapitalization that values the business at US$1 billion after attracting new investors led by Motive Partners, with Clearlake Capital Group and other InvestCloud client shareholders joining in.

Motive Partners will also contribute two portfolio businesses, Finantix and Tegra118, into InvestCloud, creating a global software-as-a-service ( SaaS ) wealth solutions platform.

“The recapitalization achieves our first objective,” says John Wise, InvestCloud’s co-founder and CEO. “At a valuation of US$1 billion, we can reward early investors in the business, while injecting new capital to fuel the next stage of our growth, further supporting our clients' needs. Crucial to our ultimate objective – which is to build the world’s largest financial supermarket – is the partnership with the Motive team, Clearlake, and the Tegra118 and Finantix businesses.”

In addition to their established reputations, blue-chip customer base and rich functional capabilities, the addition of the Finantix and Tegra118 businesses further enhances InvestCloud’s position in the wealth and asset management marketplace.

It will now have in excess of US$4 trillion of assets on its platform and revenues of over US$285 million, with a team of over 900 people and a truly global footprint by adding locations and expert knowledge of continental European and Asian markets.

The company will now organize its business to serve clients through four distinct market opportunities for platform capability within the wealth and asset management divisions – wealth advisory, private banking, financial supermarket, and custom finance.

Cheryl Nash of Tegra118 will become the CEO of the financial supermarket division and Christine Mar Ciriani of Finantix will become the CEO of the private banking division. Both will join the global InvestCloud management team reporting to John Wise.