Light Frame Secures $1.7 Million Pre-Seed Funding in RI

News Summary

Light Frame, a Swiss-American fintech company based in Providence, Rhode Island, has successfully secured $1.7 million in pre-seed funding. This investment aims to develop a proprietary platform that targets efficiency in wealth management for private banks. Led by seasoned professionals from the banking and technology sectors, Light Frame is set to launch its innovative solutions by 2025, streamlining operations and enhancing growth in financial services.

Rhode Island has become the exciting backdrop for the latest development in the financial technology sector, with Light Frame securing $1.7 million in a successful pre-seed funding round. This Swiss-American fintech company, which is headquartered in Providence, Rhode Island, aims to revolutionize wealth management technology, offering new solutions designed to enhance operations for private banks and wealth management firms.

The funds acquired through the pre-seed financing will play a crucial role in supporting the development of a proprietary technology platform that addresses the limitations of current financial services technologies. Founders of Light Frame, including executives from Alpian, Switzerland’s first digital private bank, recognized the need for innovative solutions to strengthen the performance and efficiency of financial institutions.

Under the leadership of CEO Schuyler Weiss and President Mathieu Clement, Light Frame plans to utilize these investments to expand their team both in Rhode Island and internationally. The company, which just established its American headquarters at the Cambridge Innovation Center (CIC) in Providence earlier in 2024, is also gearing up for a future launch of its product, anticipated for 2025.

The pre-seed funding round was co-led by ATX Venture Partners and New Stack Ventures, with additional contributions from notable investors such as Rogue Venture Partners, Half Court Ventures, Underdog Labs, and Studio Alpha. This diverse backing highlights a strong belief in Light Frame’s vision to reshape the landscape of wealth management technology.

Company Mission and Future Goals

Light Frame aims to significantly enhance the operational efficiency of private banks and wealth management firms by leveraging modern technology. The leadership team firmly believes that many existing financial services technologies are outdated, which hampers innovation and limits potential growth opportunities for banks. They are optimistic that their proprietary platform can present new avenues for revenue expansion and cost reduction within the sector.

Founding and Leadership Team

Founded in January 2024, Light Frame was put together by a team of experienced professionals—Schuyler Weiss, Mathieu Clement, Philippe Kernevez, and Gregory Bataille. Each member brings extensive knowledge and insight from their experiences in the banking and technology industries, particularly in areas intersecting innovation and financial services.

Strategic Location and Growth Potential

Establishing its American headquarters in downtown Providence places Light Frame in a strategic location, allowing it to tap into local talent and resources. The choice of the Cambridge Innovation Center serves not only as an operational base but also as a hub for entrepreneurial innovation—a fitting environment for a fintech company looking to challenge the status quo in wealth management.

Furthermore, with an office also located in Lausanne, Switzerland, Light Frame positions itself at the crossroads of European and American financial markets, providing a unique blend of insights and strategies that can cater to a global clientele.

As Light Frame moves forward, its commitment to innovating the wealth management sector could mark a pivotal shift in how private banks operate. With the backing of substantial investments and a skilled team, the company is geared up to introduce transformative solutions in the industry, aimed to go live with its offerings by 2025.

Overall, Light Frame is poised to make significant contributions toward revolutionizing financial services technology, reflecting the growing trend of integrating modern solutions into traditional banking practices.

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