Investment Management Platform FundGuard Closes $40M Series B Funding | News

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Citi and State Street join initial investors to pilot FundGuard’s AI and cloud global asset management platform

NEW YORK and BOSTON and TEL AVIV, Israel, April 19, 2022 /PRNewswire/ — FundGuardthe AI-powered SaaS investment management and asset servicing enterprise platform, today announced the closing of a $40 million Series B funding round. The investment round included large strategic investors City and State Street Corporationwho joined the initial investors Capital of Blumberg, LionBird Ventures, Team8 Capitaland other investors to support the company’s evolving technology approach to asset management.

A new generation of global asset management capabilities for asset managers and their service providers

This funding round comes after a busy 12 months for FundGuard, including the arrival of asset manager, fund administration and custodian bank customers, the launch of its enhanced investment accounting solution, including including support for digital assets, and announcing the appointment of John Lehnerformer State Street and BNY Mellon executive as chairman of FundGuard.

“Having the world’s leading financial services organizations join us as strategic partners and investors is an exciting endorsement of our vision to create a new generation of global asset servicing capabilities for asset managers and their service providers,” said Lior YoguevCEO and co-founder of FundGuard.

President of FundGuard John Lehner added, “By leveraging the cloud and AI, our technology enables our customers to be more profitable and deliver new and innovative products at scale. This new investment will allow us to accelerate our growth and continue to attract top talent so that we can meet the demand we’re seeing from asset managers and service providers realizing that their legacy technology, simply put, costs too much and can’t do what they need.”

Okan Beijing, Citi’s Global Head of Securities Services said, “We are delighted to partner with FundGuard as they have built an engaging investment services platform that complements our vision of harnessing cloud technologies to unleash power of data for the benefit of our customers. With $27.8 trillion1 of assets under custody and the industry-leading proprietary network with branches in 63 countries and global access to more than 100 markets, Citi Securities Services offers clients extensive local market expertise in the field, post-trade technologies innovative, customized data solutions and a wide range of custodial and fund services that can be tailored to meet client needs.

Jean PlanskiDirector of State Street Alpha, said, “We are excited to partner with FundGuard and its comprehensive, cloud-native accounting platform to support our Alpha strategy.

Today’s Series B brings the total investment in FundGuard to more than $55 million in 3.5 years.

1Assets under management as of December 31, 2021 represent the total of assets in custody, in administration and in trust.

About FundGuard

FundGuard is a next-generation SaaS platform for investment management and administration that is powered by AI. FundGuard helps asset managers and fund administrators manage mutual funds, ETFs, hedge funds, insurance products and pension funds, supporting digital transformation, automation of operations, AI-driven insights, resiliency and cloud migration. FundGuard is backed by strategic partners including Citi and State Street Corp, venture capital firms Blumberg Capital, LionBird Ventures and Team8 Capital, among others, and industry leaders. Heidi Miller, Jack Klinck, Jay Mandelbaum and others.

Please visit fundguard.com.

About Citi

Citi, the world’s largest bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, businesses, governments, and institutions with a wide range of financial products and services, including personal banking and lending, corporate and investment banking, securities brokerage, transaction and wealth management services.

Additional information can be found at http://www.citigroup.com | Twitter: @Citi | Youtube: http://www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: http://www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.

About State Street Corporation

State Street Corporation (NYSE: STT) is a leading global provider of financial services to institutional investors, including investment services, investment management, and investment research and trading. With $41.7 trillion in assets in custody and/or under administration and $4 trillion* in assets under management at March 31, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 people worldwide. For more information, visit the State Street website at www.statestreet.com.

* Assets under management at March 31, 2022 includes approximately $73 billion assets relating to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as a marketing agent. SSGA FD and State Street Global Advisors are affiliated.

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