Alternatives fintech platform S64 closes series A funding round

August 9, 2024 (Preqin News) – London-based S64, a fintech and solutions platform for firms targeting private wealth, closed its series A fundraising round at the end of July.

The platform, which has partnered with leading private banks and asset managers, will use the new capital to expand the firm’s proprietary technology and increase headcount in key growth locations.

‘We’re very focused on Europe, and APAC is a huge strategic part of our plans going forward, including markets such as Japan, Australia, Singapore, and Hong Kong. The US is also critical to us because the majority of our GPs and asset manager clients are based out of the US,’ Tarun Nagpal, CEO and Founder of S64, told Preqin News.

In the APAC region, unique challenges, including language barriers and a diverse regulatory landscape, often require a local presence.

‘It’s absolutely critical that we have invested very heavily on the ground in APAC. We must ensure we are close to our private wealth distribution partners, and we see a huge amount of volume being distributed by the local regional private banks and wealth managers in these key markets,’ Nagpal said.

He added that Germany, Switzerland, Italy, and France are also key target locations for expansion.

S64 did not disclose the amount of capital raised. The fintech company received cornerstone commitments from HPS Investment Partners and Sumitomo Mitsui Trust Bank.

‘The capital was just one part of the exercise. We wanted to partner with the right firms who could help us on a strategic basis across the globe. Our business is fully focused on the international private wealth space,’ Nagpal said.

Global private wealth grew 4.2% in 2023, with UBS forecasting $83.5tn will be transferred between individuals over the next 25 years. An increase in private wealth will likely accelerate growth in private markets AUM, which had reached $15.4tn at the end of 2023, according to Preqin data.

Positive venture capital performance in the first quarter of 2024 hints that the downturn seems to be ending. Preqin’s Venture Early Stage Index ticked up in the first quarter of 2024 and has outpaced the MSCI World Small + Micro Cap Index and the overall Venture Index since Q4 2018, according to Preqin’s Private Capital Performance Pulse.

S64 was founded in 2019 and previously received seed capital from AltamarCAM Partners, Pollen Street Capital, and Ace & Company, who have reinvested in the latest round.

_{The opinions and facts included within the above do not constitute investment advice. Professional advice should be sought before making any investment or other decisions. Preqin providing the information in this content accepts no liability for any decisions taken in relation to the above.}