Star ETF manager Cathie Wood is expanding her reach into the world of investing startups by joining the board of a fintech company. The head of Ark will assist fintech platform Tifin as the company introduces commission-free brokerage services.
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Fintech Tifin Adds Cathie Wood to Board Amid Brokerage Expansion
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“We thought hard about how do you create capabilities for all this without creating incentives to get people to trade?” Nair said in a phone interview. “Our structure essentially generates no revenues from trading frequency, whether it’s direct commissions or order flow.” Investors will still be able to connect Magnifi to various brokerage accounts at other firms, even as Magnifi works to set up its own brokerage services. Tifin works with about 50 asset managers and was valued at $164 million in a series B funding round in April when it secured backing from investors including JPMorgan Chase & Co., Morningstar Inc. and Broadridge Financial Solutions Inc., according to the company.
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