Welcome!

News Feed Item

Upside Raises $1.1M to Help Investment Advisors Compete Against "Robo-Advisors"

SAN FRANCISCO, CA -- (Marketwired) -- 07/17/14 -- Upside, a technology company providing an automated managed account platform to investment advisors, announced today that it has raised a total of $1.1 million from Cultivation Capital, SixThirty and angel investors, including Suranga Chandratillake (General Partner at Balderton Capital), Elaine Wherry (co-founder at Meebo, acquired by Google), Bruno Bowden (Equity Partner at Data Collective), Sean Kell (CEO of A Place For Mom, a Warburg Pincus company), and others.

The company will use the funds to further invest in its technology platform, which gives investment advisors a fully-automated, white-labeled solution to manage emerging affluent clients more cost-effectively. Upside will also accelerate sales and marketing efforts that have already resulted in rapid growth and adoption among young investment advisors with $100-300M in total assets.

"We already have a number of advisors and investors using the platform, so we're excited about continuing to improve our technology based on the feedback we're getting," said Tom Kimberly, co-founder and CEO of Upside. "We're really confident about the direction Upside is headed in. We've gotten a clear message from independent investment advisors that our technology can not only help them manage emerging affluent clients better -- but it can also help them meet the expectations of a new generation of investors. Many advisors know that the digital generation wants something different -- and they know that the robo-advisors like Wealthfront and Betterment are here to stay. Upside is their answer to that challenge."

"Upside is entering the market during a crucial time for financial advisors," added Juney Ham, co-founder and President of Upside. "Investment managers are becoming increasingly concerned with the rise of 'robo-advisors' and are searching for ways to compete with these new entrants. Our funding will allow us to capitalize on this opportunity by increasing our sales and marketing efforts, expanding our operations capabilities and developing transformative new features to help our advisors differentiate their offering. By arming advisors with the tools they need to more effectively serve their clients -- who are increasingly expecting modern, digital solutions -- they can focus on higher-value opportunities while also benefiting from technology."

The company also announced a partnership with Shareholders Service Group (SSG), a Broker/Dealer based in San Diego, California that provides brokerage services to over 1,200 independent investment advisors across the country.

"The time is right to provide financial solutions that make sense for the emerging class of young, tech-savvy investors," said Cliff Holekamp, General Partner at Cultivation Capital. "The addition of multiple new advisory firms on their white-label platform and a partnership agreement with Shareholder Service Group proves Upside's business model and provides solid indication of their impact in the financial industry. The Upside team is ready to focus on leveraging these new connections to continually improve client relationships and manage investments more cost-effectively for investment advisors. Cultivation Capital is ready to support Upside with the capital needed to drive their exciting growth."

With Cultivation Capital's most recent investment, Holekamp will join Upside's Board of Directors.

Upside was part of the inaugural class at SixThirty, a financial technology accelerator by Jim McKelvey, a co-founder at Square. Upside currently has offices in San Francisco, California and Saint Louis, Missouri.

About Upside

Upside helps registered investment advisors beat the "robo-advisors" by leveraging technology and algorithms to advise, manage, and service clients who want next-generation investment services. The company's fully-automated, white-labeled managed account platform provides advisors with paperless account opening, portfolio selection, automated trading and rebalancing, client and advisor portals, and practice analytics in an intuitive, design-led user interface. For more information, contact Upside at [email protected] or visit www.upsideadvisor.com.

Contact:
Juney Ham
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
You are moving to the Cloud. The question is not if, it’s when. Now that your competitors are in the cloud and lapping you, your “when” better hurry up and get here. But saying and doing are two different things. In his session at @DevOpsSummit at 18th Cloud Expo, Robert Reeves, CTO of Datical, explained how DevOps can be your onramp to the cloud. By adopting simple, platform independent DevOps strategies, you can accelerate your move to the cloud. Spoiler Alert: He also makes sure you don’t...
President Obama recently announced the launch of a new national awareness campaign to "encourage more Americans to move beyond passwords – adding an extra layer of security like a fingerprint or codes sent to your cellphone." The shift from single passwords to multi-factor authentication couldn’t be timelier or more strategic. This session will focus on why passwords alone are no longer effective, and why the time to act is now. In his session at 19th Cloud Expo, Chris Webber, security strateg...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, shared the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.