MyFO, a fast-growing platform designed for family offices and wealth management professionals, has successfully closed an oversubscribed $3.5 million Seed funding round, led by Rhino Ventures. The platform aims to simplify financial management by consolidating data, documents, and stakeholder coordination into a single, secure platform. The funds will be used to scale operations, improve product offerings, and expand the team to meet the rising demand.
The family office industry, managing over $5.9 trillion in assets, is rapidly expanding, with over 7,000 family offices globally and North America leading the charge. Despite this growth, many family offices still rely on outdated and fragmented technology, creating inefficiencies and high costs. Family offices often incur annual expenses of up to $1 million, highlighting the need for more streamlined solutions. By 2032, the industry is expected to generate revenues exceeding $54.7 billion, underscoring the demand for innovative and integrated platforms.
Innovative Platform for Family Office Needs
MyFO addresses these inefficiencies with a secure and intuitive platform designed specifically for family offices. Unlike many tech companies joining the AI wave, MyFO focuses on thoughtful innovation, using advanced technology like AI for data ingestion while prioritizing security and privacy. The platform integrates every aspect of family office management into a single dashboard, offering features like state-of-the-art analytics, scenario modeling tools, and benchmarking capabilities.
“Our mission is to transform how family offices operate by providing them with a platform that balances cutting-edge technology with a deep understanding of our clients’ needs,” said Simrang Kang, CEO and Co-Founder of MyFO. “We aim to streamline their operations while ensuring their data remains secure, as privacy is paramount for our clients.”
A Game Changer in Family Office Operations
MyFO is the first tool to offer an end-to-end solution for family offices, and the company’s leadership sees a significant gap in the market. Currently, only 16% of family offices use data aggregation tools, indicating a clear need for better solutions. Jay Rhind, Partner at Rhino Ventures, noted, “MyFO is redefining how family offices manage their most cumbersome tasks by providing a streamlined, efficient solution. Jon and Simran bring invaluable insights from their deep experience in the family office industry, positioning them uniquely to build the control hub for family offices.”
The platform’s comprehensive features enhance the wealth management experience by providing real-time data integration from over 20,000 sources, including banks, brokerages, and private equity firms. This integration enables family offices to track assets, manage documents, and offer strategic advice all in one place, reducing the traditional onboarding process from 18 months to just a few hours.
As MyFO continues to expand its platform, it aims to become the go-to solution for family offices, wealth managers, and investors by offering a suite of evolving services that streamline operations and unlock new opportunities.
