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

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.

Venture capital firms Apollo Global Management and Temasek also participated in the latest funding round, iCapital said.

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.

The funding round in July had valued the firm at about $4 billion.

The company, founded in 2013, offers services in the alternative investment marketplace to enterprises in the wealth management, banking, and asset management industries.

Existing investors in the company also include private equity firms Blackstone, KKR & Co Inc, and Carlyle Group.

ICapital said it intends to use the funds raised in the round to expand existing features on its platform and pursue acquisitions.

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.