Signal Advisors Raises $16M for Advisor Platform

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This post was originally published by Jeff Berman of ThinkAdvisor

 

Signal Advisors - Data Specialist

Signal Advisors, a Detroit-based fintech startup that distributes annuities and life insurance, has raised $16 million that it plans to use to build an end-to-end platform for independent advisors, it said.

Series A funding of $10 million was led by General Catalyst, which closed in December. It followed a $6 million seed financing round in July, with participation from Detroit Venture Partners, Ludlow Ventures, General Catalyst, Mercury Fund, Annox Capital, SV Angel and others, Signal Advisors said.

The startup’s platform is currently a specialized platform for annuities, but the company intends to use the funding to expand it into a “true end-to-end platform for the independent financial advisor,” it said.

“We’ve seen a lot of capital investment in technologies that promise to replace financial advisors,” said Robert Mylod, managing partner of Annox Capital, who recently joined the Signal Advisors board. “But the bigger opportunity, by far, is to build technology that empowers advisors,” he said in a statement.

Mylod also serves on the boards of public companies including the discount real estate brokerage Redfin, Booking Holdings, Dropbox and Vroom, Signal Advisors said.

Signal Advisors launched its platform its August 2020 and is led by its co-founders, Patrick Kelly, its CEO; Kevin O’Hara, its chief technology officer; and Jacob Cohen, its president.

Kelly started his career as a financial advisor at Northwestern Mutual and transitioned to his independent advisory firm, Kelly Capital Partners. O’Hara is a veteran software architect and technologist, most recently leading software development at Bluewater Technologies and the venture capital-backed software-as-a-service (SaaS) company LevelEleven.

This post was originally published by Jeff Berman of ThinkAdvisor

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