Wealth FinTech PictureWealth has acquired a new business and raised funding.
In Brief:
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PictureWealth has acquired Neo Financial Solutions.
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NFS, a financial services licensee, is now a wholly-owned subsidiary.
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It has also completed a $12mn equity and debt raise.
What does this mean?
Some of NFS’ leadership team will be retained as part of the deal because PictureWealth says they share the same outlook on the future of financial advice. NFS’ “robust compliance protocols” will be particularly beneficial, says PictureWealth.
