iCapital has signed an agreement to acquire investor identity company Parallel Markets to drive the development of its new turnkey investor onboarding solution. Financial terms of the deal have not been disclosed.iCapital signs acquisition agreement with Parallel MarketsBased in New York, Parallel Markets providers risk intelligence, onboarding and enterprise data solutions for investment advisors, asset managers, brokers and fundraising platforms, including Alumni Ventures, Ava Labs, OurCrowd and Appfolio.The company is backed by Eniac Ventures, Union Square Ventures and Comcast Ventures and led by co-founder and CEO Tony Peccatiello.The acquisition will see Parallel Markets’ KYC technology integrated with iCapital’s onboarding and compliance monitoring systems, culminating in the alternative investment fintech’s latest offering: the iCapital Investor Passport.In a statement, iCapital describes the offering as “a universal reusable investor identity”, which will be extended to fund managers and wealth advisors using its alternative investment platform and marketplace.For fund investors, the passport will function as “a data locker for storing, managing, and sharing personal information needed for fund subscription and compliance verification in private markets”, the company says, while helping fund managers “scale more efficiently and ensure consistency in compliance”.With over $214 billion in global assets, iCapital’s platform provides over 100,000 users with access to 1,690 different funds from 617 fund managers, issuers and insurance carriers, as of 30 November.In comments, Lawrence Calcano, chairman and CEO of iCapital, describes the onboarding and verification of digital investors as “a major friction point” in private markets investing, with the acquisition of Parallel Markets to result in “faster onboarding, reduced costs, and a more efficient investment process”.iCapital previously bolstered its AI capabilities with the acquisition of alternative investment reporting platform AltExchange last year. The company also acquired investment data firm Mirador in April.
Ven. Gen 17th, 2025
