Conquest Planning, the artificial intelligence-powered, Canada-based, financial planning platform founded by Mark Evans (creator of Naviplan) on Monday announced it raised $80 million in a Series B funding round.
Founded in 2018 and launched into the Canadian market in 2020, the planning application first rolled out to American advisors in mid-2022.
This latest funding round brings Conquest’s total funding to over $100 million. It’s $17.8 million Series A was announced in February 2023.
Growth Equity at Goldman Sachs Alternatives led the latest round but also saw new investors Canapi Ventures, BDC Capital, Citi Ventures, TIAA Ventures and USAA, along with participation from existing investors BNY and Portage.
The new capital will be used to further the company’s U.S. expansion and advance the development of Conquest’s AI-based Strategic Advice Manager, according to an announcement. This technology helps advisors speed up the calculation of hypothetical outcomes when working with clients on varying planning scenarios and what-ifs.
As part of the announcement, longtime Goldman Sachs executive Jade Mandel will join Conquest’s board. She is a managing director at Growth Equity at Goldman Sachs Alternatives.
While it has a significant foothold in the Canadian advisory market, Conquest is now seeking to accelerate its U.S. expansion. Among the most notable U.S. firms known to be using the application is Sanctuary Wealth, which has more than 120 partner firms and oversees some $48 billion in client assets (Sanctuary also supports firms using eMoney Advisor and Envestnet | MoneyGuidePro).
Conquest unveiled several new features at BNY Pershing X INSITE 2024 Conference, which included upgrades to the SAM Insights, Ask SAM and SAM Score tools. Advisors using BNY Pershing X’s multi-custodial Wove wealth management platform have access to Conquest through integrations.
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