Fintech startup Benjamin announced a successful funding pitch at the annual Scratchworks Fintech Accelerator Competition.
Benjamin describes itself as the industry’s only artificial intelligence-powered business support system, which synchronizes RIA’s technology stack with that of their mentors and, in turn, helps build efficiencies and help consultants grow their businesses. Automates dozens of workflows and tasks.
The startup, led by CEO and founder Matt Renner, was selected to pitch live during Season 4 of ScratchWorks, a fintech accelerator that allows startups to pitch to potential investors during Barron’s Top Independent Advisors Summit. Is. shark Tank Dress.
As a result, Scratchworks agreed to become investors in Benjamin on the spot for equity investments through negotiation, subject to final terms and agreements, to judges Marty Bicknell of Mariner Wealth Advisors and Michael Nathanson of The Colony Group. As of now, it looks like Bicknell will take a $250,000 minority stake in the firm, with Nathanson’s stake yet to be finalized, according to a spokesperson.
Last season, the final investment has grown to $5 million after due diligence and additional negotiations.
In Season 3 of the event, the two participating startups, LifeWorks and Reallocate, received a combined $5 million from financial advisors and judges after the competition.
In September 2021, the Schwab Advisory Center Alert was integrated into Benjamin. With that integration, consultants who were in custody with Schwab could see automated workflows supported by Benjamin.
This meant that Benjamin could automatically create a relevant new task in an advisor’s CRM, and in turn pair it with the right contacts for alerts based on unique data, while automatically providing advisor and client services. Sending communication to both. employees associated with that liaison.
The Benjamin platform has integrations based on the full suite of API access with three major custodial platforms, including TD Ameritrade, now owned by Schwab. There are also API integrations with a number of individual providers, including Salesforce, Microsoft Dynamics, RedTel and Junxure in the CRM sector, Orion and SS&C Black Diamond in the portfolio reporting sector, and DocuSign for e-signatures. When it comes to office productivity, there is integration with Microsoft Outlook and the Google Docs suite.
Benjamin to A. was also recognized as the most recent winner of WealthManagement.com 2021 Industry Award for Workflow Automation and Business Support System.
