Company Overview
Hive Wealth is a community-first mobile application designed to support individuals in growing their wealth and securing a financial future for generations to come. The platform offers tools and resources for wealth management and financial discussions, aiming to foster wealth growth and legacy creation. Branded as a "digital family office," Hive Wealth extends capabilities traditionally reserved for high-net-worth families to a wider audience, including Next Gen savers.
Mission and Core Values
Hive Wealth's mission is to close the racial, gender, and generational wealth gap by 2040. The platform encourages transparent financial discussion without judgment, underpinned by Hives—community groups where users can share insights, gain knowledge, and inspire each other. The company operates under the motto "Building wealth together."
Leadership Team
- Yvette Sadler Butler, CEO/Founder: With over 30 years of experience at the crossroads of digital and wealth management, Yvette aims to democratize financial prosperity and ensure enduring legacies for all. She previously served as President of SVB Private.
- Kristen Clark, Chief Growth Officer: Kristen has more than 15 years in technology and has led startups from inception to exit. Her prior role was CGO at TPG-backed Dharma Platform, where she leveraged data analytics for growth.
- Kenn Michael, Head of Media & Content: A seasoned media professional, Kenn directs and produces diverse content formats and develops Hive Wealth’s media content strategy.
- Cheryl A. Heller, Chief Financial Officer: Cheryl brings over 25 years in financial services. As a former CFO for Capital One's Retail Bank, she aids startups in building strong financial foundations.
Funding and Financials
Hive Wealth is supported by prominent investors, including Black Tech Nation Ventures and SVB Financial Group. The company recently closed a $3.4 million seed funding round to enhance the platform’s capabilities and expand its mission impact. The funding signifies strong investor confidence in Hive Wealth's vision.
Recent Developments
Hive Wealth recently introduced an AI-powered Wealth Journey feature, featuring personalized ChatGPT advisors for bespoke financial planning. Users can take advantage of benchmarking tools, retirement calculators, short educational videos, and peer-to-peer learning through professional 'Hives'. The app has also extended digital will and trust services accessible in all 50 states, reinforcing its integrated financial ecosystem approach.
Strategic Analysis
Hive Wealth aims to revolutionize wealth management through empowerment and inclusion, targeting underrepresented groups. By promoting transparent financial dialogue and leveraging a community-centric support model, the company addresses significant gaps in traditional financial services, offering actionable insights to drive economic equity and prosperity.
Competitor Profile
1. The Tifin Group
- Overview: Founded by Dr. Vinay Nair in 2018, this AI-driven platform specializes in financial services innovation. TIFIN develops fintech solutions focusing on wealth management, investments, and personal finance.
- Strategic Importance: TIFIN operates from New York with offices in Boulder, Mumbai, Bengaluru, and Madrid, offering competitive advantages through AI and strategic partnerships that enable hyper-personalization and efficiency in wealth management.
2. Ascensus
- Overview: Ascensus holds over 40 years of experience as the largest independent provider of retirement and savings plan services in the U.S. It manages over $863 billion in assets and serves more than 15 million individuals through a workforce of over 5,400 employees.
- Strategic Impact: Its robust state relationships and technological capabilities enable comprehensive service delivery, focusing on retirement and educational savings plans.
3. LearnVest
- Overview: Founded in 2009 and acquired by Northwestern Mutual, LearnVest focuses on personal finance management and enhancing financial literacy through personalized financial planning.
- Strategic Insights: LearnVest's integration with Northwestern Mutual marks a strategic shift toward superior digital client-advisor interaction.
4. Farther
- Overview: Established in 2019, Farther merges technology with expert financial advisory to deliver personalized wealth management services. With assets under management exceeding $2 billion, it is backed by a $72 million Series C round.
- Strategic Value: Its hybrid model, combining human expertise with technology, positions Farther as a leader in comprehensive financial solutions.
5. Pocketnest
- Overview: Founded in 2017, Pocketnest offers digital financial wellness solutions through AI-driven personalized planning tools. It targets Millennials and Gen X through institutional partnerships.
- Strategic Positioning: By promoting psychological engagement in financial wellness, Pocketnest strengthens ties with financial institutions aiming to enhance client interaction.
