MyFO Raises $3.5M in Seed Funding to Transform Family Office Management

The omnipresent platform redefines how the $5.9T industry operates and manage stakeholders

VANCOUVER, BC, Oct. 18, 2024 /PRNewswire/ -- MyFO, the fastest growing platform for family offices and the wealth management professionals who service them, has announced the successful closing of its oversubscribed $3.5M Seed funding round, led by Rhino Ventures. The platform simplifies and organizes financial lives by creating a comprehensive family office platform that consolidates data, documents, and stakeholder management. The new injection of funds will be used to scale its operations to meet growing demand, enhance its product offerings, and expand its team.

The family office industry is growing at a substantial pace – according to recent reports, the number of family offices worldwide has surpassed 7,000, managing assets in excess of $5.9 trillion, with North America leading with over 1,682 family offices identified in the last year and yet it faces challenges due to outdated systems and fragmented technology. Predicted to generate revenues exceeding $54.7 billion by 2032, the demand for more efficient, integrated solutions is clear. However, traditional methods often result in high cost and inefficiencies, with annual expenses reaching up to $1 million.

MyFO is addressing these issues with a platform that's designed to be extremely secure and user friendly. While many tech companies are joining the AI-hype, MyFO remains focused on its goal of thoughtful innovation. Although the platform uses the advanced technology for tasks such as data ingestion, its primary goal is to deliver a secure and intuitive solution tailored to the unique needs of family offices, particularly those with heightened concerns about privacy and data security.

"Our mission is to transform how family offices operate by providing them a platform that balances cutting-edge technology with a deep understanding of our clients' needs," said Simrang Kang, CEO and Co-Founder of MyFO. "We've seen firsthand the challenges faced by family offices using outdated systems, and our goal is to streamline their operations while ensuring their data remains secure as it is paramount to them."

MyFO is the first tool to offer an omnipresent, end-to-end platform that integrates all aspects of family office management into one dashboard – designed to be both comprehensive and user-friendly. MyFO's core features include an intuitive user interface, state-of-the-art analytics, scenario modeling tools, and benchmarking capabilities designed to support strategic decision-making. 

"MyFO is redefining how family offices manage their most cumbersome tasks by providing a streamlined, efficient solution. With only 16% of family offices currently using a data aggregation tool, there is a clear gap in the market, highlighting both a lack of adequate solutions and significant dissatisfaction with existing options," said Jay Rhind, Partner at Rhino Ventures. "In such a niche and specialized category, the experience and vision of the founding team are paramount. Jon and Simran bring invaluable insights from their deep experience in the family office industry, which positions them uniquely to build the control hub for family offices. As they continue to innovate and expand the platform, we believe MyFO is poised to become the go-to solution, offering an evolving suite of services that will unlock new opportunities for families, wealth managers, and investors alike."

Traditional client onboarding can take up to 18 months, but with MyFO, it can be completed in just a few hours. The platform seamlessly integrates real-time data from over 20,000 sources—including banks, brokerages, and private equity. MyFO provides a holistic view of a client's assets and enhances wealth management professionals' ability to track assets, manage documents, and offer advice.

About MyFO

MyFO is the fastest growing platform for family offices and the wealth management professionals that service them. The omnipresent, end-to-end platform is integrated with over 20,000 financial institutions across North America. MyFO redefines wealth management with its precise and efficient tools that makes asset oversight easier and improves decision-making for discerning individuals. MyFO was co-founded by Simran Kang and Jon Ricci, industry veterans committed to transforming complex financial processes into effortless interactions. For more information on MyFO, please visit https://www.myfo.tech/.

Media Contact:
Liang Zhao
Vansary for MyFO
[email protected]
505-720-6933

SOURCE MyFO