TIFIN Announces Sale of Its Stake in Paralel Technologies
The sale reinforces TIFIN's strategy to focus on applications that drive the verticalizing of AI for Wealth.
BOULDER, Colo. and NEW YORK, Aug. 27, 2024 /PRNewswire/ -- TIFIN, the leading AI for wealth platform, has announced the sale of its stake in Paralel Technologies to SLCT Holdings, an existing investor of Paralel. Paralel was initially founded under TIFIN in 2020 and has achieved significant milestones, reaching profitability and servicing more than $15 billion in assets across open-end fund, closed-end fund and ETF clients. Since its inception, TIFIN has been dedicated to leveraging cutting-edge technology to revolutionize wealth and asset management. This transaction aligns with TIFIN's strategic focus on advancing its AI applications and furthering its approach to verticalizing AI for Wealth.
The sale of TIFIN's stake in Paralel Technologies has yielded substantial returns, with TIFIN realizing more than 30 times its initial capital investment. This exponential growth underscores the strength of TIFIN's investment strategy and its ability to identify and nurture promising new ventures in the financial services industry. The transaction adds to TIFIN's track record of scaling and exiting successful firms, including its sale of 55ip to J.P. Morgan Asset Management in Dec 2020.
"We are proud to have helped build a modern tech-native and full-service fund administrator with Jeremy from day one," said TIFIN Founder and CEO Dr. Vinay Nair. "We are confident that Paralel will scale to great heights in the future."
"I have deep gratitude to TIFIN for their unwavering support since our launch," added Paralel CEO Jeremy May. "The investment, resources, and invaluable mentorship provided by Dr. Vinay Nair and the TIFIN team has been instrumental in our journey, allowing us to reach the scale we enjoy today."
For more information about TIFIN and its AI-powered fintech platform, please visit www.tifin.com or follow us on Linkedin.
About TIFIN
TIFIN is an AI and innovation platform for better wealth outcomes. Founded by Dr. Vinay Nair, TIFIN creates and operates new companies that apply data science, AI, and technology to address frictions in wealth and asset management. TIFIN's companies have included 55ip (sold to J.P. Morgan Asset Management), Paralel (sold to SLCT Holdings) and currently include Magnifi, TIFIN Wealth, TIFIN Give, TIFIN AG, TIFIN AMP, Sage, Helix, and TIFIN @Work. TIFIN has been backed by JP Morgan, Morningstar, Hamilton Lane, Franklin Templeton, SEI, Motive Partners, and Broadridge among others.
About Paralel Technologies
Paralel is the premier trusted partner for asset managers and their funds, innovating with technology and serving with compassion. Based in Denver, Colorado, the company provides comprehensive fund administration, fund accounting, tax, transfer agency, and distribution services. Discover more at Paralel.
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The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services. All content is for informational purposes only.
SOURCE The TIFIN Group
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