Insight Venture backs Singapore's Wealth-X

Set up in 2010, Wealth-X counts financial institutions, luxury brands and not-for-profit organizations among its clients. The business has more than 200 employees in 13 offices on five continents.

According to Mykolas Rambus - who co-founded the business with David Friedman - Wealth-X is filling a gap where there is a dearth of data and solutions specifically targeting UHNWIs - defined as those with net assets of $30 million and above.

The financing will be used to expand global operations, including sales and marketing, and to invest in product innovation. Potential strategic acquisitions will also be evaluated. 

"Wealth-X has become the industry standard for organizations focused on UHNW consumers, clients, and donors," said Euan Menzies, managing director at Insight Venture. "We believe in the strategy that Mykolas and David are executing and actively support the global expansion of the business through our knowledge of data businesses and our financial backing."

Menzies and Matthew Gatto from Insight Venture Partners, have joined Wealth-X's board of directors.

Portico Capital Securities served as financial advisor to Wealth-X with respect to the transaction.

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