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