Cashmere AI, a fintech startup specializing in lead generation for wealth managers, has secured $3.6 million in seed funding. The company, which launched last year, utilizes machine learning to connect financial advisors with clients who are at pivotal life stages requiring financial guidance.
The funding round was led by Canapi Ventures, a venture capital firm dedicated to early and growth-stage fintech companies. Additional investors include Benchstrength, Plug and Play, The House Fund, and Courtyard Ventures.
Co-founder and CEO Farbod Nowzad highlighted the shift in the wealth management landscape, noting that the industry has traditionally relied on word-of-mouth and referrals. Cashmere AI aims to address this gap by leveraging machine learning to enhance client prospecting.
The startup collects and analyzes data from publicly available sources, such as government records, to identify potential clients undergoing significant life events like inheritances, divorces, or business sales. By creating detailed client profiles, Cashmere AI helps match advisors with individuals who are best suited to meet their financial needs.
This approach is especially timely given the ongoing generational wealth transfer. According to a recent survey by InspereX, less than 20% of clients are under 50, with 59% being 60 or older. The survey also indicated that younger workers are increasingly seeking financial advice elsewhere, although most advisors believe it’s worth investing effort into attracting this demographic.
hii Aditi Sahu this side..
As an author and writer specializing in investment and finance , I am dedicated to delivering insightful articles and news stories that inform and engage the investment community . My focus is on providing timely and relevant content that covers market trends , innovative strategies , and key financial development . My goal is to equip investors with the knowledge and insights needed to make informed decisions and succeed in a dynamic financial environment.
