SOURCE: Velocity Financial Group

Velocity Financial Group

February 09, 2010 15:41 ET

Velocity Financial Group Announces $2.5MM Financing to FolioDynamix

BOSTON, MA--(Marketwire - February 9, 2010) - Velocity Financial Group, Inc. announced today the close of a $2.5MM venture debt facility to FolioDynamix, a leading provider of technology infrastructure solutions for the wealth management industry. FolioDynamix is headquartered in New York, N.Y., and is backed by Edison Ventures.

FolioDynamix is the developer of the FDx platform, a configurable application suite that seamlessly integrates with or upgrades legacy enterprise systems at wealth management firms. The FDx solution streamlines the entire life cycle of account management, including prospecting, account opening, rebalancing, and performance reporting. FolioDynamix is also uniquely positioned to provide the content and investment services needed for a firm to run highly scalable and customizable fee-based managed account programs such as Rep-as-Advisor, Rep-as-Manager, Mutual Fund Advisory and Unified Managed Accounts (UMA). With over 115 relationships with UMA model-only managers and a platform that reaches over 15,000 advisors daily, FolioDynamix is one of the Top 10 Managed Accounts Sponsors in the industry according to Cerulli Associates.

"FolioDynamix has developed a platform that solves acute infrastructure pain points for investment firms," said Joe Spinelli, Vice President of Velocity. "As clients and government agencies continue to demand increased reporting and transparency, we see a tremendous opportunity for FolioDynamix to expand its leadership position in the wealth servicing industry."

"Velocity has been great to work with, spending the time it takes to understand our firm, our strategy, and our short and long-term capital needs," said Joseph Mrak, President and CEO of FolioDynamix. "Velocity has created a flexible facility that allows us to continue to grow at a rapid pace. We are very excited to have partnered with Velocity on this latest round of financing and look forward to a long relationship."

About Velocity Financial Group: Velocity Financial Group, Inc. (VFG) is a specialty finance company formed to serve middle-market and venture-backed companies. VFG's Ventures division is dedicated to helping entrepreneurs by providing less dilutive, more flexible forms of capital. With offices in Boston and Silicon Valley, VFG's Ventures Group has built a broad portfolio consisting of technology, life sciences and clean energy companies. Clients range from pre-revenue companies with dedicated entrepreneurs to late stage, proven businesses seeking more efficient growth capital. VFG is backed by a diverse group of global financial institutions. For more information, please visit www.velocityfg.com.

About FolioDynamix: Headquartered in New York, NY, privately-held FolioDynamix is changing the way sponsors, managers, and advisors in wealth management efficiently and productively conduct business. With its FDx wealth servicing platform and FDx Advisors investment and advisory service, FolioDynamix offers a seamless, scalable solution for any fee-based wealth management product. Providing daily oversight of more than $3.8MM accounts, FolioDynamix is recognized as the industry's leader in wealth servicing innovation, platform technology modernization, and as the singular provider of a bundled or unbundled turn-key asset management program (TAMP). For more information on FolioDynamix, please visit www.foliodynamix.com.

Contact Information

  • Contact:
    Leah Toussaint
    Velocity Financial Group
    781-486-6600
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