AI Fintech firm Range secures $28 million in Series B funding, led by Cathay Innovation

Cathay Innovation, a multistage venture capital firm with offices in Paris, San Francisco, Berlin, Shanghai, and Singapore, has announced its partnership with Range, an AI-powered wealth management platform. This partnership comes as part of Range's $28 million Series B funding round, which brings the total funding raised by the company to $40 million.

The funding round was led by Cathay Innovation and joined by Gradient Ventures and other investors. This investment will fuel Range's expansion plans, accelerating product development and scaling its engineering teams.

Range's AI engine, Rai, provides superior advice 10-20x faster and saves members 75-90 percent more in fees than traditional wealth advisors. The platform offers a comprehensive wealth management solution, connecting every aspect of wealth management including investment services, tax planning, estate planning, retirement planning, and insurance needs.

Simon Wu, Partner of Cathay Innovation, has joined Range's board of directors. Cathay Innovation views Range's service as affordable, convenient, and providing holistic insights and advice in a shorter timeframe compared to traditional methods. The firm sees the Range team bringing much-needed innovation to the outmoded wealth management industry.

Within less than two years, Range has attracted more than 1,000 high-net-worth members and advises them on nearly $3 billion in assets. Co-founded by Fahad Hassan and David Cusatis, Range is an all-in-one wealth management solution that is seeing unprecedented demand.

Cathay Innovation manages over $2.5B AUM and has invested in over 100 startups, including Chime, Pinduoduo, Glovo, Wallbox, Owkin, Getaround, Ledger, ZenBusiness, Alma, Descartes Underwriting, and more. For more information about Cathay Innovation, visit www.cathayinnovation.com or follow them on LinkedIn or Twitter @cathayinnov.

Range uses a transparent, flat-fee pricing model rather than taking a percentage of a client's wealth. This makes it an attractive option for those seeking affordable and efficient wealth management services. The company looks forward to partnering with Cathay Innovation to accelerate its success and continue to revolutionise the wealth management industry.