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Fintech firm iCapital Network valued at over $6 billion after latest funding

By Reuters

<div> <p> -Financial technology platform iCapital Network said on Thursday it had fetched a valuation of more than $6 billion after raising $50 million in a funding round led by private equity firm WestCap.</p> <p>Venture capital firms Apollo Global Management and Temasek also participated in the latest funding round, iCapital said.</p> <p>In July, the company had raised $440 million in fresh capital in a round led by Temasek with participation from new investor Owl Rock and exiting investors Wells Fargo, Morgan Stanley and Goldman Sachs Asset Management. </p> <p>The funding round in July had valued the firm at about $4 billion.</p> <p>The company, founded in 2013, offers services in the alternative investment marketplace to enterprises in the wealth management, banking, and asset management industries.</p> <p>Existing investors in the company also include private equity firms Blackstone, <span class="caps">KKR</span> & Co Inc, and Carlyle Group.</p> <p>ICapital said it intends to use the funds raised in the round to expand existing features on its platform and pursue acquisitions.</p> <p>The New York-based startup’s platform is used primarily by wealth managers to provide clients with comparative data on quality funds and other forms of assets to make investments.</p> </div>