InvestCloud Inc., a global FinTech firm, has announced a new division to add further accounting and Robo capabilities to its digital wealth management platform.
The creation of the InvestCloud icMAC (Modeling, Accounting & Custody) division follows the firm’s $20 million acquisition of London-based Babel Systems, announced in January 2017. Its launch completes the integration of Babel into InvestCloud, with Babel founder Steve Wise appointed to head up the new division.
The company will now relocate its European headquarters to larger premises on London’s Shaftesbury Avenue, as it targets growth in the region. InvestCloud’s European team has already doubled its headcount since 2016, with the firm signing a number of new wealth management and investment clients in the UK and Switzerland. The launch of icMAC brings the regional office’s headcount to 60, incorporating a mix of sales, pre-sales, professional services and market data experts alongside former Babel staff.
Steve Wise, EVP of icMAC, said, “The launch of icMAC tackles the greatest challenge facing wealth managers and financial institutions as they digitalize their services - the dependency on legacy technology. Those businesses looking to move on will find our approach particularly appealing, combining our market-leading Digital Warehouse with trading, accounting and middle office capabilities that provide a complete, modern solution currently absent in the market.”
With an existing client base including leading Robo-advice provider Nutmeg as well as other progressive wealth managers, family offices and banks, the icMAC division provides the most modern trading and accounting platform in the international marketplace.
Will Bailey, EVP for Europe and Innovation, said, “Both InvestCloud and Babel were born with the same idea - to transform the financial services industry. The two complement each other perfectly, and combining them ensures firms of all sizes will be able to access a low-friction, cost-effective and massively flexible platform.”
Commenting on the new offices, Bailey added, “Siting our new offices in the heart of London’s creative industries in Soho mirrors the location of our global headquarters at the Pacific Design Center in Los Angeles - an environment that appeals to designers, UX professionals, developers, data architects and financial services players alike. Our new base will act as a hub for European wealth managers and financial institutions to collaborate with us on innovative, user-centric solutions.”