FinTech: MassMutual Seals Deal To Acquire Fintech Platform Flourish From Stone Ridge

December 15, 2020 | FinTech, News, Takeovers and Buyouts
https://dailyalts.com/wp-content/uploads/2020/12/1024px-Mass_Mutual_Springfield_Mass_plaque-1.jpg

Flourish is a fintech platform for Registered Investment Advisors (RIAs).

Massachusetts Mutual Life Insurance Company, or MassMutual, announced Monday that it agreed to acquire Flourish, a fintech platform, from Stone Ridge Holdings Group. Flourish is a digital platform that provides various products and services to more than 350 RIAs that manage more than $ 600 billion of assets. Flourish Cash is the only cash management platform specifically for financial advisors and their clients. (Business Wire)

MassMutual did not disclose the financial terms of the transaction.

Flourish

The transaction will likely close in the first quarter of 2021 subject to necessary approvals. Meanwhile, the Flourish team will join MassMutual. It will continue to serve RIAs. However, it will operate independently from the existing insurance and wealth management business of MassMutual.

Flourish will expand its product offering as well as grow its user base by leveraging MassMutual’s expertise and resources.

It will also enhance MassMutual’s ability to deliver digital financial planning.

“MassMutual is focused on providing a simplified, digital, customer-centric user experience, and Flourish will help accelerate that strategy, ultimately supporting our vision of providing financial well-being for all Americans,” said Gareth Ross, MassMutual Head of Enterprise Technology and Experience.

JPMorgan’s Jamie Dimon on the prowl for asset management businesses

Last week, Jamie Dimon said JPMorgan (NYSE: JPM) would like to buy asset management business and financial technology companies. He said: “Asset management: my line is open.”

In early December, JPMorgan snapped up 55ip, a fintech that empowered financial advisors to deliver tax-smart investment strategies at scale.

“Advisors are increasingly seeking intelligent, automated tools to provide simplicity, scale, and efficiency, and by acquiring 55ip we are accelerating our significant investments in advanced advisor technology,” said George Gatch, CEO of J.P. Morgan Asset Management, at the time. “This is an exciting development that signifies broad collaboration between fintech and asset managers, aimed toward improving capabilities and outcomes for advisors and their clients.”

Related Story:  Venerable MassMutual Hops Onto The Crypto Bandwagon; Buys $100M Bitcoin

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/01/dragon-872933_640.jpg
FinTech: China Tightens Antitrust Regulatory Screws On Fintechs
January 22, 2021     FinTech, Latest News, News, Regulations

The People’s Bank of China published a draft set of rules on Wednesday for anti-trust regulation of the non-bank payment providers in the fintech sector. The draft is in the…

https://dailyalts.com/wp-content/uploads/2021/01/bitcoin-4353069_640.jpg
Digital Assets: BlackRock Dips Its Toes In Bitcoin Waters
January 22, 2021     Digital Assets, Latest News, News

Filings out Wednesday show that the BlackRock Strategic Income Opportunities Portfolio and BlackRock Global Allocation Fund may invest in cash-settled bitcoin futures, among other assets. BlackRock (NYSE: BLK), the world’s…

https://dailyalts.com/wp-content/uploads/2021/01/summer-169643_640.jpg
Artificial Intelligence: AI Helping Manage Wind Farms By Forecasting Wind Conditions
January 22, 2021     Artificial Intelligence, News

AI is playing an increasingly bigger role in the management of wind energy, wind farms, and the maintenance of wind turbines through machine condition monitoring systems. Google (NASDAQ: GOOGL) predicts…

https://dailyalts.com/wp-content/uploads/2021/01/electric-car-2783573_640.jpg
Alternative Investments/ESG: Harvest Portfolios Launches The Harvest Clean Energy ETF

Harvest Portfolios Group Inc. completed last week the initial offering of Class A Units of the Harvest Clean Energy ETF (TSE: HCLN). The units of the ETF commenced trading on…