iCapital, a fintech platform for alternative investments and investors, has raised more than $820 million in a funding round that takes its valuation to over $7.5 billion, the company announced on Thursday.

That’s up from the just over $6 billion it was valued at in 2021 after raising $50 million in a round led by WestCap. Founded in 2013, New York-based iCapital has raised over $1.5 billion in total funding to date, per Crunchbase data.

SurgoCap Partners and accounts advised by T. Rowe Price Associates and T. Rowe Price Investment Management co-led iCapital’s latest financing. Existing backers Temasek, UBS and BNY also participated in the round.

iCapital says it plans to use its new capital toward strategic acquisitions, geographic expansion and further investment in its technology. The fintech has already bought more than 23 companies, including AltExchange and Parallel Markets. Presently, it has 1,875 employees across 16 global offices.

The company services $945 billion worth of assets globally on its platform, saying its interface “unifies” onboarding, document workflows, performance data and regulatory compliance. It aims to help wealth managers invest in private markets, structured investments and annuities alongside traditional holdings. For asset managers, the company offers a digital marketplace, data management, AI-powered services and tools, and sales distribution support and reporting.

The funding announcement comes two days after The Bank of New York Mellon Corp. tapped iCapital “to beef up its alternative investment capabilities.”

Crunchbase data shows that investment for U.S. companies in financial services industry  categories has held up at robust levels in recent quarters. In particular, wealthtech has been attracting investors as of late. In early July, Savvy Wealth raised a $72 million Series B, and in April Altruist landed a $152 million Series F at a $1.9 billion valuation.

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Illustration: Dom Guzman