Facet Wealth raises $100 million

Facet Wealth, a fintech company offering financial advice at an “affordable subscription price,” has raised $100 million in Series C funding, led by Durable Capital Partners LP, with participation from previous investor Warburg Pincus, TeleSoft Partners, and Green Cow Venture Capital.

Founded in 2016, Facet Wealth is an SEC registered investment adviser headquartered in Baltimore, Maryland. The company features a subscription model instead of basing their fees on assets under management or commissions. Each individual gets a tailored planned and subscription prices range from $1,800 to $6,000, annually.

Facet has raised approximately $165 million in funding since 2016. It has around 300 employees and serves over 10,000 clients.

“Facet is doing something innovative in personal finance. It stands at the forefront of an era in which people will benefit from the use of new technology that results in personalized financial plans suited for their specific needs and aspirations. With a strong team, we believe Facet is well-positioned for sustainable, long-term success.” – Henry Ellenbogen, CIO at Durable.

“To the vast majority of consumers, our industry is an inaccessible sea of sameness that traditionally only serves the wealthy. Facet is creating a new era of consumer-centric financial advice, in which generations of people live happier and fuller lives. Today’s financial advice is poorly designed, and the incentive model many firms use is completely misaligned with people’s needs. We have created a new standard for what financial planning should be and are determined to take the entire industry with us.” – Anders Jones, CEO and Co-Founder of Facet.