Detroit-based fintech startup Signal Advisors raises $16m to build end-to-end platform for independent financial advisors
Signal Advisors, a tech-enabled distributor of annuities and life insurance, announced a $10 million Series A led by General Catalyst, which closed in December 2020. The Detroit-based fintech startup also finalized a $6 million seed financing round in July of 2020, with participation from Detroit Venture Partners, Ludlow Ventures, General Catalyst, Mercury Fund, Annox Capital, SV Angel and others, raising $16 million in total to build out an end-to-end platform for independent financial advisors. Signal Advisors debuted its platform in August of 2020 and is led by its co-founders, CEO Patrick Kelly, CTO Kevin O'Hara, and President Jacob Cohen.
Signal will use this new financing to invest in extending the platform from a specialized platform for annuities, to a true end-to-end platform for the independent financial advisor. Signal Advisors recently welcomed Robert Mylod to their board of directors. Mylod also serves on the boards of public companies including Booking Holdings, Vroom, Dropbox, and Redfin, in addition to other private companies.
Robert Mylod, Managing Partner, Annox Capital: "We've seen a lot of capital investment in technologies that promise to replace financial advisors. But the bigger opportunity, by far, is to build technology that empowers advisors."
Pat Kelly, Co-founder and CEO, Signal Advisors: "We started with annuities, because advisors simply don't have great options for this technology today. But that's just the beginning. We want to provide independent financial advisors with an integrated platform. Whatever their needs, whatever their clients need, the technology and service can provide a seamless experience."
Jacob Cohen, Co-founder, Signal Advisors: "Financial services are all becoming tech-enabled, and they are converging. In the future, you might rely on your independent financial advisor for help with estate planning, taxes, insurance. They could sell you a term life policy and refinance your mortgage. Technology will make it commonplace for one trusted advisor to provide their client with great service across many offerings."
Kelly began his career as a financial advisor at Northwestern Mutual, until transitioning to his independent advisory firm Kelly Capital Partners. He went on to found insurtech startup RepPro, a pioneer in electronic applications for annuities and life insurance, that was acquired by RetireUp in 2018. O'Hara is a veteran software architect and industry-leading technologist, most recently leading software development at Bluewater Technologies and VC-backed SaaS company LevelEleven. Cohen brings his experience as a tech investor, having spent the past 10 years as a partner at Detroit Venture Partners.