A subscription-based financial advice company based in Baltimore has raised $100 million in Series C funding.
Founded in 2016, Facet Wealth provides financial planning services for the moderately wealthy, particularly those households with between $100,000 and $1 million in net worth.
"Facet is creating a new era of consumer-centric financial advice, in which generations of people live happier and fuller lives,” CEO Anders Jones said. “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.”
The latest round of fundraising was led by Durable Capital Partners LP, with participation from Warburg Pincus, TeleSoft Partners and Green Cow Venture Capital.
“Facet is doing something innovative in personal finance,” Durable CIO Henry Ellenbogen said in a statement. “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.”
Ellenbogen will be a familiar name to many in the Baltimore business community. He rose to fame as a stockpicker at Baltimore-based T. Rowe Price Group Inc. because of early investments in technology giants like Facebook and Twitter, before leaving the money manager in 2019 to start Durable Capital Partners, which is based in Chevy Chase.
In August, Jones told the BBJ that Facet Wealth had doubled its revenue to about $20 million since the beginning of 2021. Jones said he expected revenue to reach $30 million by the close of 2021.
Since its launch in 2016, Facet has raised about $165 million. The firm raised $25 million in Series B funding in 2020 and $38 million in Series A funding in 2018. Facet said it has more than 10,000 clients and employs more than 300 people in 42 states.
