Facet, which offers financial planning services to unserved and underserved populations, said it raised $35 million in new financing led by Washington, D.C.-based Multiplier Capital, an existing investor. Other participants in this round included New York’s Warburg Pincus and Baltimore’s Audacious Capital.
So far, the Baltimore-based Facet has raised over $210 million from backers including New York’s Warburg Pincus, Chevy Chase, Md.-based Durable Capital Partners, and West Coast firms Slow Ventures, Telesoft Partners and Green Cow Venture Capital.
Pushing ‘Financial Wellness’
Co-founded in 2016 by Silicon Valley investor Anders Jones, Facet has twice been named to the Inc. 5000 list of America’s fastest-growing private companies. Jones’ other co-founders were Brent Weiss, a certified financial planner who heads “financial wellness” at Facet, and serial entrepreneur Patrick McKenna, who serves as executive chairman.
“At Facet, we are building the future of financial advice. This funding isn’t just about growth; it’s about reinforcing our commitment to helping our members live for today and plan effectively for tomorrow,” said Jones, Facet’s CEO.
“We’ve demonstrated that a subscription model in financial services can succeed when innovation is combined with a deep commitment to our members,” said Jones, who spent a dozen years as a partner at Argyle Ventures. “This latest capital allows us to continue evolving our offerings, ensuring that we not only meet but exceed the expectations of those who rely on us for consistent, high-quality financial advice.”
Tailored Advice
Facet has built a tech-driven platform that can offer personalized financial advice. The company says it provides “affordable” and “unbiased” advice to those often overlooked by traditional financial services firms. Over 14,000 households nationwide have used its service.
In 2023, Facet was honored by Real Simple’s Money Awards. This year, it has been named to NerdWallet’s “Best Online Financial Planning Service,” and Time magazine’s Time Stamped Best Financial Advisors. Facet is registered with the Securities and Exchange Commission as an investment advisor.
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“We are excited to collaborate with Facet, whose leadership and team are setting new standards in the financial planning space,” said Thomas Walton-Cale, managing director of Multiplier Capital. “Their dedication to innovation and a member-focused approach via a flat fee has proven to disrupt the AUM model that has been accepted as a standard for far too long.”
Charmed by Baltimore
In an interview with Citybiz in 2021, Jones said he picked Baltimore as Facet’s headquarters because he found it to be among the best for fintech startups. Talking to Citybiz publisher Edwin Warfield, Jones said Facet has a large addressable market of about 38 million households nationwide that do not receive financial planning advice. Besides targeting individuals, Jones said, Facet was also considering partnerships with companies to offer Facet’s financial planning service to employees.
Jones has served as a mentor-in-residence at Johns Hopkins Technology Ventures since 2017 and continues to invest in numerous tech companies outside of Silicon Valley. He was named one of InvestmentNews’s 40 under 40 in 2019. Anders holds a B.A. from Stanford University and an M.B.A. from the Wharton School of the University of Pennsylvania.
