Technology

MyFO Raises $3.5M in Seed Funding to Transform Family Office Management

Published

2 months ago

October 18, 2024

The omnipresent platform redefines how the $5.9T industry operates and manage stakeholders

VANCOUVER, BC, Oct. 18, 2024 /PRNewswire/ — MyFO, the fastest growing platform for family offices and the wealth management professionals who service them, has announced the successful closing of its oversubscribed $3.5M Seed funding round, led by Rhino Ventures. The platform simplifies and organizes financial lives by creating a comprehensive family office platform that consolidates data, documents, and stakeholder management. The new injection of funds will be used to scale its operations to meet growing demand, enhance its product offerings, and expand its team.

The family office industry is growing at a substantial pace – according to recent reports, the number of family offices worldwide has surpassed 7,000, managing assets in excess of $5.9 trillion, with North America leading with over 1,682 family offices identified in the last year and yet it faces challenges due to outdated systems and fragmented technology. Predicted to generate revenues exceeding $54.7 billion by 2032, the demand for more efficient, integrated solutions is clear. However, traditional methods often result in high cost and inefficiencies, with annual expenses reaching up to $1 million.

MyFO is addressing these issues with a platform that’s designed to be extremely secure and user friendly. While many tech companies are joining the AI-hype, MyFO remains focused on its goal of thoughtful innovation. Although the platform uses the advanced technology for tasks such as data ingestion, its primary goal is to deliver a secure and intuitive solution tailored to the unique needs of family offices, particularly those with heightened concerns about privacy and data security.

“Our mission is to transform how family offices operate by providing them a platform that balances cutting-edge technology with a deep understanding of our clients’ needs,” said Simrang Kang, CEO and Co-Founder of MyFO. “We’ve seen firsthand the challenges faced by family offices using outdated systems, and our goal is to streamline their operations while ensuring their data remains secure as it is paramount to them.”

MyFO is the first tool to offer an omnipresent, end-to-end platform that integrates all aspects of family office management into one dashboard – designed to be both comprehensive and user-friendly. MyFO’s core features include an intuitive user interface, state-of-the-art analytics, scenario modeling tools, and benchmarking capabilities designed to support strategic decision-making.

“MyFO is redefining how family offices manage their most cumbersome tasks by providing a streamlined, efficient solution. With only 16% of family offices currently using a data aggregation tool, there is a clear gap in the market, highlighting both a lack of adequate solutions and significant dissatisfaction with existing options,” said Jay Rhind, Partner at Rhino Ventures. “In such a niche and specialized category, the experience and vision of the founding team are paramount. Jon and Simran bring invaluable insights from their deep experience in the family office industry, which positions them uniquely to build the control hub for family offices. As they continue to innovate and expand the platform, we believe MyFO is poised to become the go-to solution, offering an evolving suite of services that will unlock new opportunities for families, wealth managers, and investors alike.”

Traditional client onboarding can take up to 18 months, but with MyFO, it can be completed in just a few hours. The platform seamlessly integrates real-time data from over 20,000 sources—including banks, brokerages, and private equity. MyFO provides a holistic view of a client’s assets and enhances wealth management professionals’ ability to track assets, manage documents, and offer advice.

About MyFO

MyFO is the fastest growing platform for family offices and the wealth management professionals that service them. The omnipresent, end-to-end platform is integrated with over 20,000 financial institutions across North America. MyFO redefines wealth management with its precise and efficient tools that makes asset oversight easier and improves decision-making for discerning individuals. MyFO was co-founded by Simran Kang and Jon Ricci, industry veterans committed to transforming complex financial processes into effortless interactions. For more information on MyFO, please visit https://www.myfo.tech/.

Media Contact:
Liang Zhao
Vansary for MyFO
LZ@vansary.com
505-720-6933

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SOURCE MyFO

Technology

Stora Enso Oyj: Notification of Change in Holdings according to Chapter 9, Section 10 of the Finnish Securities Markets Act (25 December 2024)

Published

46 minutes ago

December 27, 2024

STORA ENSO OYJ STOCK EXCHANGE RELEASE 27 December 2024 at 09:00 EET

HELSINKI, Dec. 27, 2024 /PRNewswire/ — Stora Enso Oyj received a notification pursuant to chapter 9, section 5 of the Securities Market Act from BlackRock, Inc on 27 December 2024.

On 25 December 2024, BlackRock’s holding in Stora Enso’s shares decreased below the 5 percent threshold.

% of shares and voting rights (total of 7.A)

% of shares and voting rights through financial instruments (total of 7.B)

Total of both in % (7.A + 7.B)

Resulting situation on the date on which threshold was crossed or reached

4.76% shares

Below 5% voting rights

0.27% shares

Below 5% voting rights

5.04% shares

Below 5% voting rights

Position of previous notification (if applicable)

Below 5% shares

Below 5% voting rights

Below 5% shares

Below 5% voting rights

Below 5% shares

Below 5% voting rights

A: Shares and voting rights

Class/type of shares

ISIN code (if possible)

Number of shares and voting rights

% of shares and voting rights

Direct

(SMA 9:5)

Indirect

(SMA 9:6 and 9:7)

Direct

(SMA 9:5)

Indirect

(SMA 9:6 and 9:7)

FI0009005961

37,609,170 shares

Below 5% voting rights

4.76% shares Below 5% voting rights

SUBTOTAL A

37,609,170 shares

Below 5% voting rights

4.76% shares

Below 5% voting rights

B: Financial Instruments according to SMA 9:6a

Type of financial instrument

Expiration date

Exercise/Conversion Period

Physical or cash settlement

Number of shares and voting rights

% of shares and voting rights

American Depositary Receipt (US86210M1062)

N/A

Physical

596,930 shares

Below 5% voting rights

0.07% shares

Below 5% voting rights

Securites lent

N7A

N/A

Physical

1,036,720 shares

Below 5% voting rights

0.13% shares

Below 5% voting rights

CFD

N/A

Cash

563,510 shares

Below 5% voting rights

0.07% shares

Below 5% voting rights

SUBTOTAL B

2,197,160 shares

Below 5% voting rights

0.27% shares

Below 5% voting rights

Stora Enso has two series of shares. Each A share and every ten R shares carry one vote. Stora Enso has 175,664,079 A shares and 612,955,908 R shares in issue. The Company does not hold its own shares. The total number of Stora Enso shares is 788,619,987 and the total number votes at least 236,959,669.

Investor enquiries:
Anna-Lena Åström
SVP Investor Relations
tel. +46 70 210 7691

Stora Enso

Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials and wooden construction, and one of the largest private forest owners in the world. We create value with our low-carbon and recyclable fiber-based products, through which we support our customers in meeting the demand for renewable sustainable products. Stora Enso has approximately 20,000 employees and our sales in 2023 were EUR 9.4 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in OTC Markets (OTCQX) in the USA as ADRs and ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors

STORA ENSO OYJ

Investor enquiries:
Anna-Lena Åström
SVP Investor Relations
tel. +46 70 210 7691

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/stora-enso-oyj/r/stora-enso-oyj–notification-of-change-in-holdings-according-to-chapter-9–section-10-of-the-finnish,c4086606

The following files are available for download:

https://mb.cision.com/Main/13589/4086606/3189711.pdf

STORA ENSO Class R_2024-12-25_Issuer

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SOURCE Stora Enso Oyj

Technology

Truecaller continues strong growth, surpasses 400 million Android users

Published

46 minutes ago

December 27, 2024

STOCKHOLM, Dec. 27, 2024 /PRNewswire/ — Truecaller, the leading global platform for verifying contacts and blocking unwanted communication, reached another important milestone on 24th of December, when the number of monthly active users (MAU) on the operating system Android surpassed 400 million. Truecaller continues to grow rapidly in many geographic markets and the total user base has grown with more than 57 million users during 2024 and has now surpassed 433 million users in total.

“Truecaller’s strong commitment to help businesses and individuals communicate better through both calls and messages, continues to grow. Our geographical footprint is growing each day, and the development in our targeted growth markets is strong. We’re thrilled at achieving this milestone and we look forward to serving the next 400 million Android users,” says Rishit Jhunjuhnwala, Chief Product Officer and incoming CEO of Truecaller.

The growth in India continues to be strong with a growth of approximately 37 million users in but the relative growth in other parts of the world is stronger with a growth of 20 million users during 2024.

Truecaller will continue to report the average number of monthly and daily users on a quarterly basis in connection with interim reports.

For more information, please contact:
Andreas Frid, Head of IR & Communication
+46 705 29 08 00
andreas.frid@truecaller.com

About Truecaller:

Truecaller (TRUE B) is the leading global platform for verifying contacts and blocking unwanted communication. We enable safe and relevant conversations between people and make it efficient for businesses to connect with consumers. Fraud and unwanted communication are endemic to digital economies. especially in emerging markets. We are on a mission to build trust in communication. Truecaller is an essential part of everyday communication for more than 433 million active users. Truecaller is listed on Nasdaq Stockholm since 8 October 2021. For more information. please visit corporate.truecaller.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/truecaller-ab/r/truecaller-continues-strong-growth–surpasses-400-million-android-users,c4086573

The following files are available for download:

https://mb.cision.com/Main/20429/4086573/3189667.pdf

400m MAU Android 241227

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SOURCE Truecaller AB

Technology

Xinhua Silk Road: Conference on deepening financial openness and co-op in Northeast Asia held in NE. China’s Shenyang

Published

46 minutes ago

December 27, 2024

BEIJING, Dec. 27, 2024 /PRNewswire/ — The 2nd Northeast Asia Finance Conference and 2024 “Revitalizing Liaoning with Finance” Excellent Cases Release kicked off on Tuesday in Shenyang, capital of northeast China’s Liaoning Province, aiming to further deepen financial openness and cooperation in the Northeast Asian region and advance construction of a regional financial center.

The main forum held a series of activities, including an opening ceremony, two round-table dialogues on “finance + biomedical industry” and “finance + cultural industry”, a symposium for foreign financial institutions, a seminar on innovative development of financial clusters, a forum on development of technology and finance, a forum on industrial low-carbon transformation and financial innovation, as well as an enterprise project roadshow and industry-finance matchmaking event.

During the conference themed on “accelerating the construction of a regional financial center in Northeast Asia and creating a new highland for opening up”, excellent cases of revitalizing Liaoning through finance in 2024 were unveiled and the index for core areas of regional financial centers in northeast China was released.

The conference also held an unveiling ceremony for the upgrading of the Shenyang finance and trade development zone to a national-level development zone, and a launch ceremony of a platform for Shenyang industrial insights and decision analysis.

The conference was co-hosted by China Economic Information Service, Liaoning Branch of Xinhua News Agency, Shenhe District People’s Government, Shenyang local financial administration under guidance of Shenyang Municipal People’s Government and Liaoning local financial supervision and administration bureau.

Original link: https://en.imsilkroad.com/p/343777.html

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SOURCE Xinhua Silk Road