DirectAdvice secures $16 million funding

DirectAdvice secures $16 million funding

Connecticut-based DirectAdvice, a provider of Internet-based financial planning technology, has secured $16 million in financing from private equity firm Warburg Pincus.

The company provides Web-based financial planning and advice technology to global financial institutions, intermediaries, worksite marketing companies and online portals.

According to Brian Hollander, president and CEO of DirectAdvice, the company will use the new finance to further develop its online technology and expand its sales and markets efforts worldwide. He says that although 60 million US households would benefit from financial planning advice, fewer than five per cent receive it today.

"DirectAdvice is in the right place at the right time," says Greg Back, a Warburg Pincus managing director. "The DirectAdvice platform allows financial services firms to offer planning and advice to a far broader range of customers, from high net worth individuals to those with more modest means, and to do so profitably."

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