Financial services company Apex Fintech Solutions has secured a major investment from State Street, a global asset management firm with a major Wall Street presence.
Financial terms were not disclosed, but the agreement will let State Street take a minority stake in Apex, based in downtown Dallas. The privately held company provides services to established wealth management firms, as well as startups, crypto platforms and other businesses.
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The collaboration between the fintech firm and the East Coast powerhouse aims to leverage Apex’s more specialized fintech services and State Street’s massive scale.
The Boston-based firm ― which is over 200 years old ― is currently the fourth-largest asset manager in the world, with over $5 trillion in assets under management as of June.
“Wealth management is on the precipice of enormous change driven by rapid market innovation and investor expectations,” Bill Capuzzi, Apex’s CEO, said in a statement.
He added that the partnership with State Street will “drive the future of wealth management by enabling the global advisor-based market to launch, scale and innovate at unprecedented speed.”
The two firms declined to provide more information about the terms of the deal, including the value of State Street’s investment, Kathy Wilson, a representative for the companies, told The News.
Apex, which was previously called Apex Clearing Holdings, was founded in 2012, and now has a headcount of around 1,000 employees.
In early 2021, it announced plans to go public on the New York Stock Exchange through a SPAC, or special purpose acquisition company, merger that would have valued the company at $4.7 billion.
However, months later, the deal was called off. Apex has since filed confidential paperwork for another public offering, but has so far remained private.