iCapital to acquire Parallel Markets

Alternative investment marketplace iCapital Network announced the acquisition of Parallel Markets , which operates in the space of reusable financial identity solutions.

Parallel Markets provides technology for investor onboarding, verification, and compliance monitoring, which is said to enhance iCapital’s offerings for wealth and asset management industries.

“We are thrilled to announce the acquisition of Parallel Markets and welcome their team to the iCapital family. Onboarding and verifying digital investor identity and compliance is a major friction point in private markets investing. Parallel Markets has pioneered software that supports a reusable investor passport, streamlining these duplicative processes for advisors, investors, and fund managers. As we continue to evolve our tech stack, we will enhance automated entry for alternative investing and leverage AI and machine learning to offer a complete, intuitive end-to-end solution. This will result in faster onboarding, reduced costs, and a more efficient investment process.” – Chairman and CEO of iCapital, Lawrence Calcano.

“We built an industry-leading onboarding and KYC/AML Passport solution for financial institutions who are looking to streamline and scale their business by eliminating redundant processes. As of today, we have focused on fund managers and the broader private wealth channel which is an increasingly important focus for leading financial institutions. We are thrilled to join iCapital and together provide an innovative, tech-enabled identity management service that powers further integration between asset and wealth managers in a seamless experience.” – Co-founder and CEO of Parallel Markets, Tony Peccatiello.