iCapital Network Valuation, Funding & Investors

iCapital Network is valued at $7.5B as of July 2025.

See full iCapital Network profile

Last iCapital Network valuation

$7.5B

Undisclosed stage · Jul 2025

Last iCapital Network funding round

Strategic investment

Amount undisclosed · Sep 2026

Cumulative funding iCapital Network raised

$1.5B

across 12 funding rounds

Key investors in iCapital Network

BNY Mellon
Pivot Investment Partners
Blackstone
Temasek
BlackRock
UBS

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iCapital Network Overview

About iCapital Network

iCapital is a New York-headquartered financial technology company whose platform lets wealth managers, banks and their high-net-worth clients invest in alternative assets such as private equity, private credit, hedge funds, structured investments and annuities. Its software and services cover fund subscription, administration and reporting, feeder funds with lower minimums, advisor education, compliance, portfolio analytics and white-label marketplaces run for banks and asset managers. In July 2025 it reported US$945 billion of assets serviced globally, including US$257 billion of alternative platform assets, for more than 3,000 wealth management firms and over 750 product providers, with 1,875 employees across 16 offices. The company earns technology, administration and platform fees and has grown through more than 20 acquisitions, including the alternative investment feeder fund businesses of Bank of America, Wells Fargo and Citigroup. Its shareholders include BlackRock, Blackstone, Temasek, UBS, BNY and State Street, and a round of more than US$820 million co-led by T. Rowe Price and SurgoCap Partners in July 2025 valued it above US$7.5 billion. iCapital was founded in 2013 and is led by chief executive Lawrence Calcano.

Founded

2013

HQ

New York City, NY

Website

icapital.com

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$7.5B (Jul 2025)

Sectors

Wealth Technology PE & VC FinTech WealthTech

iCapital Network Valuation

iCapital Network is currently valued at $7.5B, based on its undisclosed-stage round in July 2025. Read the announcement ↗

The $820M round was led by SurgoCap Partners and T. Rowe Price, with participation from Temasek, BNY Mellon, UBS and State Street.

iCapital Network's valuation has grown 375x from $20M at its Series B in June 2014 to $7.5B in July 2025, across 7 priced rounds.

iCapital Network valuation by funding round

iCapital Network valuation by funding round
Date	Stage	Valuation
Jul 2025	Undisclosed stage	$7.5B
Dec 2021	Undisclosed stage	$6B
Jul 2021	Series C	$4B
Mar 2020	Undisclosed stage	$792M
Dec 2017	Series B	$136M
May 2015	Series B	$56M
Jun 2014	Series B	$20M

iCapital Network Funding History

iCapital Network has raised a total of $1.5B across 12 funding rounds.

iCapital Network's first fundraising round was a $4M Series A in June 2013. The most recent completed round was a strategic investment round in September 2026.

iCapital Network funding rounds

iCapital Network funding rounds
Date	Stage	Investors	Raised	Valuation	Deal Summary
Sep 2026	Strategic investment	DTCC (lead)	-	-	DTCC made a strategic investment in iCapital on September 28, 2026, alongside a broader strategic collaboration to advance private markets infrastructure. The transaction centers on DTCC and iCapital integrating DTCC’s Alternative Investment Product with iCapital’s alternative investment platform, with DTCC also taking a board observer right through its Wealth and Investment Solutions head, Talia Klein. The deal was positioned as an infrastructure partnership rather than a control acquisition, aimed at connecting data, operations, and market participants across the private investment lifecycle, reducing operational friction, and improving standardization and efficiency in private markets. The firms also said they would explore collaboration on emerging technologies including DLT and tokenization, supporting the next phase of growth and scale in the private market ecosystem. iCapital is a global fintech company focused on alternative investments and private markets workflows, serving wealth advisers, asset managers, and other market participants through its technology platform. The announcement did not disclose the investment amount, valuation, revenue, or EBITDA metrics.
Jul 2025	Undisclosed stage	SurgoCap Partners (lead); T. Rowe Price (lead); Temasek; BNY Mellon; UBS; State Street	$820M	$7.5B	iCapital Network, a fintech platform providing technology solutions for alternative investments, wealth management, and asset managers, completed a financing round raising over $820 million co-led by T. Rowe Price and SurgoCap Partners, with participation from State Street, BNY Mellon, Temasek Holdings, and UBS. The round elevated the company's valuation to over $7.5 billion as of July 2025. Proceeds will fund acquisitions, technology enhancements, geographic expansion, and data capabilities, building on 23 prior acquisitions including Mirador, AltExchange, and Parallel Markets. The platform services $945 billion in global assets, comprising $257 billion in alternative assets, $203 billion in structured investments and annuities, and $485 billion in client assets. It supports over 3,000 wealth management firms, 750 product providers, 2,100 funds, and 114,000 financial professionals. iCapital has invested over $700 million in its platform since 2013, positioning it as key infrastructure for private markets amid projected growth to $20 trillion by 2030.
Dec 2021	Undisclosed stage	Temasek (lead); WestCap (lead); Apollo Global Management	$50M	$6B	iCapital Network is a leading global financial technology platform that drives access and efficiency in alternative investing for asset and wealth management industries, providing financial advisors and high-net-worth clients with curated access to private equity, private credit, hedge funds, structured notes, and other alternatives to diversify portfolios. The company offers a suite of tools including advisor education, compliance, portfolio management, and analytics, and is used by over 7,000 advisors and more than 250 asset managers like BlackRock, Goldman Sachs, and Affiliated Managers Group. On December 23, 2021, iCapital Network closed a $50 million funding round led by WestCap and Temasek, with participation from new investor Apollo Global Management and commitments from existing investors like Blackstone, KKR, and The Carlyle Group, valuing the company at $6 billion post-money. This followed a larger $440-447 million round in July 2021 led by Temasek, which valued iCapital at $4 billion and included investors such as Owl Rock (Blue Owl Capital), MSD Partners, Noah Holdings, Golub Capital, Ping An Voyager Partners, UBS, Pivot Investment Partners, BNY Mellon, Wells Fargo, Morgan Stanley, and Goldman Sachs Asset Management. The $50 million proceeds were earmarked to enhance platform technology, expand strategies and product types, and pursue strategic acquisitions to broaden client capabilities. Since the July 2021 round, iCapital significantly grew its platform assets from $68 billion to over $104 billion as of November-December 2021, across 860 funds with over $22 billion from international investors, while expanding its team to more than 700 employees globally, with offices in New York, Zurich, London, Lisbon, Hong Kong, Singapore, and Toronto. The company struck partnerships with Allfunds, BlackRock, and UBS to grow internationally and has been recognized on Forbes FinTech 50 lists and other awards. Existing investors planned follow-on commitments in early 2022, underscoring iCapital's transformative role in private market and hedge fund investments.
Jul 2021	Series C	Temasek (lead); BNY Mellon; Blue Owl Capital Inc.; Noah Holdings; Ping An Global Voyager; Blackstone; MSD Partners; Goldman Sachs; UBS; Golub Capital; WestCap; Morgan Stanley; Wells Fargo; Pivot Investment Partners	$440M	$4B	iCapital Network is a global financial technology platform that drives access and efficiency in alternative investing for asset and wealth management industries, offering tools for advisor education, compliance, portfolio management, and analytics. The company announced a $440 million funding round on July 27/28, 2021, led by Temasek Holdings with participation from new investors Owl Rock (division of Blue Owl Capital), MSD Partners, Noah Holdings, and Golub Capital, alongside existing backers including Blackstone, UBS, BNY Mellon, Wells Fargo, WestCap, Ping An Voyager Partners, Pivot Investment Partners, Morgan Stanley, and Goldman Sachs Asset Management. This round valued iCapital at approximately $4.0 billion post-money, with proceeds intended to enhance platform technology, expand alternative investment strategies and product types, and pursue strategic acquisitions to broaden capabilities for wealth managers, asset managers, and banks globally. Since its prior $146-162 million round in March 2020 led by Ping An, iCapital had grown platform assets from $46 billion to over $80 billion, doubled its headcount, completed five acquisitions, widened its international footprint, and launched more than 45 new white labels with partners worldwide. The platform supports high-net-worth investors in accessing alternatives like private equity, addressing under-allocation relative to institutions, and digitizing the process. Goldman Sachs & Co. LLC acted as placement agent; a modest second closing was anticipated shortly after with additional strategic investors. iCapital has been recognized on Forbes FinTech 50 lists (2018-2021), Forbes America's Best Startup Employers (2021), and MMI/Barron's Solutions Provider of the Year (2020). Subsequent rounds included a $50 million raise in late 2021/early 2022 led by WestCap valuing it over $6 billion with Temasek and new investor Apollo, and a later over $820 million round surpassing $7.5 billion valuation amid growth to $945 billion in assets serviced, including $257 billion in alternatives.
Jun 2020	Strategic investment	Wells Fargo	$16M	-	Wells Fargo made a strategic investment in iCapital Network in June 2020 under the terms of the company's latest fundraising round, as part of an agreement for iCapital to acquire the alternative investments feeder fund platform of Wells Fargo's Global Alternative Investments division. The transaction was announced on 18 June 2020 and its terms were not disclosed. Wells Fargo's participation extended the round that iCapital had closed at US$146 million in March 2020 under the lead of Ping An Global Voyager Fund. iCapital later reported that it closed US$162 million of capital in 2020 from Ping An Global Voyager Fund, Goldman Sachs, Affiliated Managers Group, Hamilton Lane, WestCap, BlackRock, UBS, Blackstone, BNY Mellon and Wells Fargo, implying a second close of about US$16 million. On completion of the platform purchase, the combined iCapital platform was expected to service nearly US$58 billion of client assets across more than 720 funds, 120,000 underlying accounts and more than 70 white-label partners. iCapital, founded in New York in 2013, provides technology that lets wealth managers and their high-net-worth clients invest in private equity, hedge funds and other alternative investments.
Mar 2020	Undisclosed stage	Ping An Global Voyager (lead); Hamilton Lane; BNY Mellon; Blackstone; Affiliated Managers Group; Goldman Sachs; UBS; BlackRock; WestCap	$146M	$792M	iCapital Network is a US-based financial technology platform that provides asset management software enabling wealth advisers and high-net-worth individuals to access, subscribe to, administer, and report on alternative investments like private equity and hedge funds, democratizing previously inaccessible opportunities. The company, founded in 2013, had services covering $47.6 billion in assets across 472 funds and 57 white-label platform versions at the time of the March 2020 funding announcement. On March 23, 2020, iCapital closed a funding round initially reported as $146 million and later noted as $162 million or up to $175.5 million plus $66 million in related tranches, led by Ping An Global Voyager Fund with participation from Goldman Sachs, Affiliated Managers Group, Hamilton Lane, WestCap, BlackRock, UBS Financial Services, Blackstone, BNY Mellon, and others including JPMorgan and Credit Suisse from prior rounds. Ping An and other investors committed to partnering with iCapital to utilize its technology for managing private market operations targeted at high-net-worth wealth management. The funds were intended to enhance technology development, add features, strengthen international partnerships, expand financial education, and support recruitment to drive growth. Forge Global data indicates a post-money valuation of $791.65 million for this March 23, 2020 Series B-7 and A-7 round at a share price of $2.68. No sources provide explicit revenue, ARR, or EBITDA metrics near the round date; platform assets stood at approximately $46 billion prior to significant post-round growth to over $80 billion by mid-2021. The round built on prior funding including a $50 million total by 2018 and a $9.3 million round in 2014. iCapital demonstrated strong traction with $12.1 billion in organic platform growth amid skyrocketing demand for alternative investing access. Investors highlighted iCapital's unmatched scale, institutional support from major fund distributors and private equity firms, and potential for global expansion especially in Asia. Subsequent rounds included a $440 million raise in July 2021 at $4 billion valuation led by Temasek, a $50 million round in late 2021 at over $6 billion, and over $820 million by 2023 surpassing $7.5 billion valuation.
Nov 2018	Strategic investment	JPMorgan Chase (lead); Carlyle Group (lead); Blackstone	$26M	-	iCapital Network is a financial technology platform that streamlines access and efficiency in the alternative investing marketplace, providing tech-enabled solutions for investors, advisors, and asset managers to democratize private equity, hedge funds, and other alternatives with lower minimums, due diligence, and administrative support in a secure digital environment. Banks and asset managers leverage its white-label offerings to scale private investment operations. In 2018, the company announced strategic investments from Blackstone, The Carlyle Group, and JPMorgan Chase & Co., who utilize iCapital's proprietary technology for managing private fund vehicles targeted at the retail wealth management community. These investments expanded iCapital's consortium of industry leaders, including BlackRock, Morgan Stanley, and UBS. The 2018 investments aligned with significant platform growth: from over $5 billion in invested capital across 10,000 accounts at end-2017 to more than $8 billion across 14,000 accounts by December 2018. In September 2018, iCapital acquired Bank of America’s alternative investment feeder fund operations, boosting platform assets toward $40 billion by early 2019 after a similar Morgan Stanley deal. New partnerships that year included J.P. Morgan Asset Management, Barings, AllianceBernstein, HSBC Global Private Banking, and Rockefeller Capital Management, alongside a May 2018 agreement with J.P. Morgan for white-label access to global alternative strategies for RIAs and high-net-worth clients. Later rounds included a $440 million raise in 2021 at $4 billion valuation and a $50 million round valuing the company at $6 billion, with subsequent growth to over $945 billion in assets serviced, 750+ product providers, and 3,000 wealth management firms. The 2018 investments underscored iCapital's momentum in building an industry-standard technology for alternatives amid rapid adoption by major financial firms.
Dec 2017	Series B	Morgan Stanley (lead); BNY Mellon; UBS Wealth Management; BlackRock; Pivot Investment Partners; Credit Suisse	$13M	$136M	Institutional Capital Network, Inc., the company behind the iCapital Network alternative investment platform, began a further equity offering of up to US$12.6 million on 8 December 2017, according to a Form D notice filed with the US Securities and Exchange Commission, which reported about US$11.8 million sold by the filing date. The raise followed the Series B round that BlackRock led from December 2016, which UBS Financial Services and Morgan Stanley Investment Management joined as strategic investors in July 2017, bringing iCapital's total funding to more than US$50 million. Morgan Stanley said it would use iCapital's technology to streamline and automate part of its private fund activities as part of a broader commercial relationship, and UBS entered into a similar arrangement. As of 30 June 2017 iCapital had surpassed US$2.25 billion of private fund subscriptions for more than 3,500 investors across more than 45 funds. At the end of 2017 the platform serviced just over US$5 billion of invested capital for about 10,000 investor accounts. iCapital was founded in New York in 2013 and provides technology, feeder funds and administration that let wealth managers offer private equity and hedge funds to high-net-worth clients.
Dec 2016	Series B	BlackRock (lead)	$15M	-	BlackRock agreed in December 2016 to invest in iCapital Network, leading a new funding round in the New York financial technology platform that gives high-net-worth investors and their financial advisers access to alternative investments. The investment was announced on 15 December 2016; terms were not disclosed, and Frank Porcelli, chairman of BlackRock's US wealth advisory business, joined iCapital's board of directors. The round was later extended to other strategic partners: UBS Financial Services joined in July 2017 alongside lead investor BlackRock, and Morgan Stanley Investment Management followed later that month, bringing iCapital's total funding to more than US$50 million. At the time of the BlackRock announcement iCapital had surpassed US$2 billion in subscriptions from about 3,000 investors across more than 40 private offerings. Its member network had grown to more than 1,300 users from registered investment adviser firms, private banks, independent broker-dealers and family offices, which together oversaw more than US$1.7 trillion of investable client assets. iCapital was founded in 2013 and provides feeder funds, due diligence and administration technology for private equity and hedge fund investing.
May 2015	Series B	Pivot Investment Partners (lead); BNY Mellon; Credit Suisse	$11M	$56M	Institutional Capital Network, Inc., the New York company behind the iCapital Network alternative investment platform, raised about US$10 million in a further equity round in mid-2015. A Form D notice filed with the US Securities and Exchange Commission on 18 June 2015 reports a first sale on 4 June 2015 and US$10.0 million of equity sold, with no placement agent paid. The round followed the company's October 2014 financing of US$9.25 million led by Credit Suisse's Private Fund Group, in which Pivot Investment Partners, Evercore's Private Funds Group and several other placement firms also invested. The money supported the public launch of the iCapital platform in 2015, which moved the business from fund research into offering feeder funds with lower minimums in selected private equity and hedge funds. By 30 June 2017 the platform had surpassed US$2.25 billion of private fund subscriptions from more than 3,500 investors across more than 45 funds. iCapital was founded in 2013 to open alternative investments to high-net-worth individuals and their financial advisers, and it is led by chief executive Lawrence Calcano.
Jun 2014	Series B	Credit Suisse (lead); Panorama Point Partners (lead); Gen II Fund Services; Monument Group; Eaton Partners; Pivot Investment Partners; Evercore	$9M	$20M	iCapital Network is a financial technology platform that provides access to alternative investments for high-net-worth individuals, wealth managers, and institutional investors. The platform enables qualified investors to browse, analyze, and invest in private equity funds and hedge funds through a digital marketplace with simplified subscription and capital call processes. iCapital completed a $9.25 million Series A funding round in 2014 led by Credit Suisse's Private Fund Group, with participation from Pivot Investment Partners, Eaton Partners, Park Hill Group, Evercore's Private Funds Group, Monument Group, Capstone Partners, Gen II Fund Services, and select strategic individuals. The capital was intended to support continued platform development and expand access to private funds for a broader investor audience. The company had established significant traction by the time of this round. As of year-end 2017, iCapital serviced approximately $5.2 billion in platform assets across over 115 private fund access vehicles, representing a 1,500% increase from 2015 levels. By June 2021, the platform managed more than $80 billion in global client assets across over 780 funds, with a team of approximately 450 employees across offices in New York, Zurich, London, Lisbon, and Hong Kong.
Jun 2013	Series A	-	$4M	-	Institutional Capital Network, Inc., the company that operates the iCapital Network platform, made the first sale of its initial outside equity offering on 21 June 2013, according to a Form D notice it filed with the US Securities and Exchange Commission in July 2013. The notice reported about US$3.0 million of equity sold at that point, with a minimum investment of US$5,000 accepted from outside investors; the individual investors were not named. It was the company's first financing: iCapital later described its October 2014 raise of US$9.25 million, led by Credit Suisse's Private Fund Group, as its second round. The company was founded in New York in 2013 to give high-net-worth investors and their advisers online access to private equity funds, which had typically required institutional-size commitments. Its early platform let qualified investors and independent advisers research more than 2,000 private equity funds that were raising capital and invest through vehicles with lower minimums. iCapital later broadened into hedge funds, private credit, structured investments and annuities, and by July 2025 it serviced about US$945 billion of assets for more than 3,000 wealth management firms.

Who has invested in iCapital Network?

31 investors have backed iCapital Network across its funding rounds, including BNY Mellon, Pivot Investment Partners, Blackstone, Temasek, BlackRock and UBS.

Lead investors include DTCC, SurgoCap Partners, T. Rowe Price, Temasek, WestCap and 8 other investors.

iCapital Network Investors

Investors in iCapital Network by funding rounds participated
Investor	HQ	Rounds	Role	First check
BNY Mellon	New York City, NY	5	Participant	May 2015
Pivot Investment Partners	New York City, NY	4	Lead	Jun 2014
Temasek	Singapore	3	Lead	Jul 2021
Blackstone	New York City, NY	3	Participant	Nov 2018
UBS	Zurich	3	Participant	Mar 2020
BlackRock	New York City, NY	3	Lead	Dec 2016
WestCap	United States	3	Lead	Mar 2020
Credit Suisse	Zurich	3	Lead	Jun 2014
Ping An Global Voyager	Hong Kong	2	Lead	Mar 2020
Goldman Sachs	New York City, NY	2	Participant	Mar 2020
Morgan Stanley	New York City, NY	2	Lead	Dec 2017
Wells Fargo	San Francisco, CA	2	Participant	Jun 2020
Hamilton Lane	Philadelphia, PA	1	Participant	Mar 2020
UBS Wealth Management	New York	1	Participant	Dec 2017
Blue Owl Capital Inc.	New York City, NY	1	Participant	Jul 2021
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by iCapital Network

iCapital Network has acquired 17 companies to date.

Last acquisition by iCapital Network was on March 16th 2026. iCapital Network acquired Hexure for undisclosed valuation.

Latest Acquisitions by iCapital Network

	Hexure	Passthrough	Citi Global Alternatives	Parallel Markets
Description	Hexure is a Colorado Springs-headquartered provider of digital sales automation platforms tailored for insurance carriers, broker-dealers, independent marketing organizations, field marketing organizations, banks, credit unions, broker general agencies, and wirehouses. Its solutions facilitate customer-centric sales experiences for life insurance, annuities, retirement products, and wealth management offerings by automating digital workflows, minimizing paper-based processes, ensuring regulatory compliance, speeding up policy issuance, and elevating in-good-order sales submissions. Originally launched as Insurance Technologies in 1995, Hexure operates across the United States serving the insurance and financial services sectors.	Passthrough is a platform automating subscription workflows for private investment funds, enabling electronic distribution and execution of agreements. Available at passthrough.com, it streamlines investor onboarding processes.	-	Parallel Markets is an investor verification platform simplifying accreditation and KYC for online investment portals. It enables one-click credential sharing for individuals and entities across SEC Reg D, Reg A, and Reg CF offerings. Parallel Markets integrates with broker-dealers and crowdfunding sites handling billions in annual transactions.
HQ Country
HQ City	Colorado Springs, CO	New York City, NY	-	New York City, NY
Deal Date	16 Mar 2026	11 Feb 2026	13 May 2025	16 Jan 2025
Valuation	undisclosed	undisclosed	undisclosed	undisclosed
EV/Revenue
EV/EBITDA
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Investments by iCapital Network

iCapital Network has invested in 2 companies to date.

Latest investment by iCapital Network was on June 10th 2026. iCapital Network invested in Digital Asset in their $355M Series E round.

Latest Investments by iCapital Network

	Digital Asset	Digital Asset	Tangible Markets
Description	Digital Asset is a New York-headquartered technology provider developing Daml, a smart contract platform that enables multi-party applications across organizational boundaries in financial services, healthcare, and insurance sectors. The company serves clients including five of the world's top 10 stock exchanges such as the Australian Securities Exchange and Deutsche Börse, alongside partners like Broadridge Financial Solutions. Daml integrates with existing infrastructure to synchronize data flows, eliminate silos, and reduce processing errors through encrypted distributed ledgers. Founded in 2014, Digital Asset supports global enterprises in building secure, scalable blockchain solutions.	Digital Asset is a New York-headquartered technology provider developing Daml, a smart contract platform that enables multi-party applications across organizational boundaries in financial services, healthcare, and insurance sectors. The company serves clients including five of the world's top 10 stock exchanges such as the Australian Securities Exchange and Deutsche Börse, alongside partners like Broadridge Financial Solutions. Daml integrates with existing infrastructure to synchronize data flows, eliminate silos, and reduce processing errors through encrypted distributed ledgers. Founded in 2014, Digital Asset supports global enterprises in building secure, scalable blockchain solutions.	Tangible Markets is a London-based financial services provider offering liquidity solutions for private market assets. The platform facilitates on-demand trading of pre-IPO shares, venture funds, and secondary positions for institutional and accredited investors. Tangible Markets connects buyers and sellers across Europe and the United States with RFQ-based execution.
HQ Country
HQ City	New York City, NY	New York City, NY	London
Deal Date	10 Jun 2026	4 Dec 2025	8 Sep 2025
Round	Series E	Strategic investment	Strategic investment
Raised	$355M	$50M	$10M
Investors	GreenWulf; CME Ventures; a16z Frontier; R136 Ventures; SoFi; SBI Holdings; Liberty City Ventures; S&P Global; Alumni Ventures; Broadridge; ABN AMRO Fund	BNY Mellon; Nasdaq; S&P Global	-
Valuation	$2B	undisclosed	undisclosed
EV/Revenue
EV/EBITDA
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iCapital Network Competitors

iCapital Network competitors include listed companies like XP Investimentos, Nordnet, Allfunds and StoneX Group, and private ones like Vested and Carta.

Public and private companies comparable to iCapital Network
Company	HQ	Status	Revenue	EBITDA	Valuation	Revenue Multiple
Vested	New York City, NY	Private	-	-	$450M	-
Carta	San Francisco, CA	Private	$150M	-	$7.4B	49.3x
XP Investimentos	Brazil	Publicly listed	$1.5B	$1.2B	$7.3B	4.5x
Nordnet	Sweden	Publicly listed	$547M	-	$8.3B	14.9x
Allfunds	Spain	Publicly listed	$727M	$287M	$6.7B	8.7x
StoneX Group	United States	Publicly listed	$132B	$2B	$6.4B	4.7x

iCapital Network Public Comps

iCapital Network is still privately-owned, but its public comps include XP Investimentos, Nordnet, Allfunds, TPG, Compagnie du Cambodge, StoneX Group, Swissquote, Nippon Life India Asset, MarketAxess and Onex.

	Last FY		EV/Revenue			EV/EBITDA
	Revenue	EBITDA	Last FY	LTM	2027E	Last FY	LTM	2027E
XP Investimentos	$1.5B	$1.2B	11.2x	4.5x		14.1x	13.4x
Nordnet	$547M	-	17.4x	14.9x		-	-
Allfunds	$727M	$287M	9.1x	8.7x		23.1x	13.1x
TPG	$4.8B	$1.1B	2.7x	5.1x		11.4x	10.0x
Compagnie du Cambodge	$153M	$15M	45.2x	-		452.5x	-
StoneX Group	$132B	$2B	0.2x	4.7x		13.8x	-
Swissquote	$877M	-	7.1x	6.9x		-	-
Nippon Life India Asset	$285M	$209M	21.3x	18.3x		29.1x	28.6x
MarketAxess	$846M	$428M	6.6x	6.3x		13.1x	12.9x
Onex	$897M	$642M	6.8x	-		9.5x	-
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Common questions about iCapital Network

When was iCapital Network founded?	iCapital Network was founded in 2013.
Where is iCapital Network headquartered?	iCapital Network is headquartered in New York City, NY, United States.
Is iCapital Network publicly listed?	No, iCapital Network is a private, VC-backed company.
What is iCapital Network's valuation?	iCapital Network was last valued at $7.5B in its undisclosed-stage round in July 2025.
How much funding has iCapital Network raised?	iCapital Network has raised $1.5B across 12 funding rounds.
What was iCapital Network's last funding round?	iCapital Network's last funding round was a strategic investment round in September 2026, led by DTCC.
Who are iCapital Network's investors?	iCapital Network's investors include BNY Mellon, Pivot Investment Partners, Temasek, Blackstone, UBS, BlackRock, WestCap, Credit Suisse, Ping An Global Voyager, Goldman Sachs and 21 others.
Which companies are comparable to iCapital Network?	Companies comparable to iCapital Network include Vested, Carta, XP Investimentos, Nordnet, Allfunds and StoneX Group.
How many companies has iCapital Network acquired?	iCapital Network has acquired 17 companies, including Hexure, Passthrough, Citi Global Alternatives, Parallel Markets and AltExchange.
How many companies has iCapital Network invested in?	iCapital Network has invested in 2 companies, including Digital Asset and Tangible Markets.
What was iCapital Network's last investment?	In June 2026, iCapital Network invested in Digital Asset's $355M Series E alongside GreenWulf, CME Ventures, a16z Frontier and 8 other investors.

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Carta

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Nordnet AB (publ) is a digital platform for savings and investments in the Nordics. The company operates in Sweden, Norway, Denmark and Finland. Its purpose is to democratize savings and investments. It provides trading in a large number of equities, funds, and other types of securities from several markets at a low price, as well as pension savings without fixed fees. The firm also offers margin loans, private loans, and mortgages. There are a number of user-interfaces to choose from, such as web, app, or more trading applications. Digital financial guidance tools are offered to customers who want help and inspiration with their savings. It also operates the widely used social investment network in the Nordics, Shareville.

Allfunds

Allfunds is a fund distribution platform connecting fund houses and distributors, creating a single access point for both sides to gain a wider reach with regard to assets under administration and fund variety, respectively. As of 2024, Allfunds had EUR 1.6 trillion in assets under administration stemming from about 860 distributors on its platform. In return, distributors gained access to about 156,000 funds from 3,300 different fund houses. Allfunds also provides ancillary services to both fund houses and distributors, covering the marketing, distribution, legal, regulatory, as well as data and analytics needs arising in the fund distribution space. Allfunds derives the majority of its revenue from Italy, Spain, and France.

StoneX Group

StoneX Group Inc is a brokerage and financial services firm. Its service offerings are execution, OTC / Market-Making, advisory services, payment solutions, market intelligence, Physical Trading and clearing services. The firm operates in four segments: Commercial, Institutional, Self-Directed/Retail, and Payments. Its customers include governmental and nongovernmental organizations, commercial banks, brokers, institutional investors, and investment banks. The company operates in the United States, South America, Europe, the Middle East and Asia, and other countries, out of which the majority of revenue is generated from the Middle East and Asia Region.

Swissquote

Swissquote Group Holding SA is engaged in providing online financial and trading services. It provides a comprehensive suite of online financial services to a broad spectrum of customers, ranging from retail investors, affluent investors to professional and institutional customers. The Group operates through Swissquote Bank Ltd and globally under the Swissquote brand. It has two segments namely the Securities trading and the Leveraged forex. The Group’s revenues are mainly generated by a transaction fee for each transaction. Swissquote’s core competencies include stock market trading, trading and custody of crypto assets, Forex trading and the Robo-Advisor solution. In addition, Swissquote is active in the payment card, mortgage and leasing markets.

MarketAxess

Founded in 2000, MarketAxess is a leading electronic fixed-income trading platform that connects broker/dealers and institutional investors. The company is primarily focused on credit based fixed income securities with its main trading products being US investment-grade and high-yield bonds, Eurobonds, and Emerging Market corporate debt. Recently the company has expanded more aggressively into Treasuries and municipal bonds with the acquisitions of LiquidityEdge and MuniBrokers in 2019 and 2021, respectively. The company also provides pre- and post-trade services with its acquisition of Regulatory Reporting Hub from Deutsche Börse Group in 2020 adding to its product offerings.

Wealthsimple

Wealthsimple is a Toronto-headquartered Canadian financial technology company that offers investing, trading, banking and tax products through its mobile and web apps. Its managed investing service builds low-fee portfolios of exchange-traded funds, while its self-directed platform offers commission-free trading of stocks and ETFs and regulated crypto trading, alongside a chequing account with no monthly, foreign exchange or ATM withdrawal fees and a tax-filing service. The company serves retail clients across Canada and earns fees on managed assets and trading services as well as income on client cash. It reached C$50 billion in assets under administration in 2024, doubled that to about C$100 billion by October 2025, and has been profitable since 2024. In October 2025 it announced an equity round of up to C$750 million at a C$10 billion post-money valuation, co-led by Dragoneer and GIC. Power Corporation of Canada is its controlling shareholder with a 52.4% stake held through Power Financial, IGM Financial and Portage Ventures. Wealthsimple was founded in September 2014 by Michael Katchen, Brett Huneycutt and Rudy Adler.

BGC Group

BGC Group Inc is a brokerage and financial technology company that serves financial markets, energy, and commodities markets. Its service and product offerings include brokerage for a wide range of financial products, including fixed income, equities, commodities, derivatives, and real estate, software solutions for trading platforms, clearing, trade execution, and other back-office services. Its clients mostly include banks, financial institutions, and corporate clients. BGC operates in one reportable segment, which is providing brokerage services. Geographically, the company generates a majority of its revenue from Europe, Middle East and Africa (EMEA), followed by the Americas and the Asia-Pacific region.

XTB

XTB SA is engaged in brokerage activities. It is a Polish broker from the fintech sector, providing products and services dedicated to active investing, saving, and virtual payment management. The Group conducts its operations through two business segments: the Retail segment includes the provision of trading in financial instruments for individual customers; the Institutional segment includes the provision of trading in financial instruments and offering trade infrastructure to entities (institutions), which in turn provide services of trading in financial instruments for their customers under their brand. It derives maximum revenue from the Retail segment. Geographically, the Group derives its key revenue from Europe, and also has a presence in Latin America and the Middle East.

IG Group

IG Group Holdings PLC provides online trading services to its clients. The majority of the company's revenue stems from its derivative products and contracts for difference (CFDs). The company operates through various segments which are The U.K. segment which derives its revenue from financial spread bets, CFDs, binary options, and execution-only stockbroking. The Australian segment derives its revenue from CFDs and binary options. The European segment derives its revenue from CFDs, binary options, and execution-only stockbroking. The Rest of the World segment derives its revenue from the operation of a regulated futures and options exchange as well as CFDs and binary options. The company generates more than half of its revenue from the U.K., followed by Europe and Australia.

Futu Holdings

Futu Holdings Ltd is an online broker providing one-stop online investing services. The company provides its services through its digital platform Futu NiuNiu, which includes market data, trading service, and news feed of Hong Kong, Mainland China, Singapore, and the United States equity markets. It generates its revenue in the form of brokerage commission and handling charge services, and interest income.

Tadawul Group

Saudi Tadawul Group Holding Co provides trading, clearing, and settlement services in securities in the Kingdom of Saudi Arabia. It also provides services related to innovation in technology. The company's segment includes Capital Markets; Post Trade; Data and Technology Services and Corporate. It generates maximum revenue from the Post Trade segment.

Plus500

Plus500 Ltd is an online provider of Contracts for Difference (CFDs). The company has developed and operates an online trading platform for retail customers to trade CFDs internationally, financial instruments comprising equities, indices, commodities, options, exchange-traded funds (ETFs), and foreign exchange. The trading platform is accessible from multiple operating systems including Windows, smartphones: iOS, Android, and Windows Phone, tablets: iOS, Android, and Surface, and web browsers. The group is engaged in three operating sectors: CFD trading; share dealing; and futures and options on futures. Geographically, European Economic Area, United Kingdom, Australia, and Rest of the World, of which it derives maximum revenue from European Economic Area.

Shenzhen Fortune Trend

Shenzhen Fortune Trend Technology Co Ltd is engaged in research and development of securities analysis systems and computer communication systems. It provides securities investment analysis system for securities institutions and investors under the brand Tongdaxin. Tongdaxin's well-known online trading products are: China Merchants Securities Zhiyuan One Account, Guoxin Securities Golden Sun Edition, CITIC Securities Zhixin All-rounder, GF Securities Financial Terminal, Galaxy Securities Neptune, Guotai Junan Securities Fuyi, among others.

TP ICAP

TP ICAP GROUP PLC provides broking professional intermediary services to match buyers and sellers of different financial, energy, and commodities products. Its role includes creating liquidity and price discovery in markets and providing insight and context to the clients. The company provides proprietary over-the-counter ('OTC') pricing information in the world with the data on financial, energy, and commodities products. Its clients include banks, insurance companies, pension funds, asset managers, hedge funds, central banks, energy producers and refiners, risk and compliance managers, and charities. The company's segments include Global Broking which generates key revenue, Energy & Commodities, Liquidnet, Parameta Solutions, and Corporate.

StashAway

StashAway is a Singapore-headquartered digital wealth manager using its proprietary ERAA framework for risk-managed portfolios across stocks, bonds, and alternatives. Available in Singapore, Malaysia, and Hong Kong since 2016, it serves retail investors with automated rebalancing to adapt to economic regimes. The platform manages multi-asset strategies including ESG funds and fixed-income products.

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