The organization is raising capital to boost its business growth and support its technology platform.

Family Office Networks has kicked off a first round of capital raising to drive business expansion, including amassing resources to handle demand for its fintech platform. The amount of capital being targeted wasn’t disclosed in FON’s statement on Wednesday.

"With the number of millionaires and billionaires over the last ten years, the demand for access to these wealthy families is the highest it has ever been. The number of family offices has quintupled in the last five years to include 20,000 plus single and multi- family offices. Assets under management also have grown to an estimated $14 trillion in [the] wealth management industry," FON founder and chief executive Andrew Schneider said.

"Fintech companies backed by venture capital firms and family offices raised almost $38.5 billion last year and are set to exceed that record in 2021, according to FON data,” Schneider said.

This publication is seeking further details and may update in due course.