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Axiom Trust, a startup tackling the wealth transfer wave, raised $11.8 million in seed and pre-seed funding led by Lightspeed Venture Partners.

Wischoff Ventures, Runa Capital, SNR, Mercury founder Immad Akhund, and Primetime Partners also participated.

Why it matters: UBS estimates over $83 trillion in wealth will be transferred in the next 20 to 25 years.

Between the lines: Axiom is armed with a Nevada Trust license, allowing it to act as a custodian and go head to head with big banks and trust administration companies rather than just providing software to them.

"Ultimately, the sales cycle to sell software to the large banks and to the large trust companies is actually slower than just taking them on," CEO David Meister says.

It also allows the company to capture more of the recurring revenue.

Zoom in: Wealth transfers are particularly bespoke. For example, a trust may disinherit one sibling, stipulate that funds not be paid out to a grandchild, or impose any number of other conditions.

For example, a parent may disinherit one sibling or stipulate that funds not be paid out to a grandchild. It's also common that funds cannot be used for alimony.

How it works: Axiom uses AI to automate that complexity away, so that work that may take hours turns into minutes.

It can also assess risks— such as potential litigation. Its customers include family offices, lawyers, and investment advisors.

The company ensures that trusts are being managed in accordance with its terms, acting as an independent trustee. 

It can be used for initial onboarding and for ongoing administration — making sure insurance payments go out on time or funds aren't used for unsanctioned purposes.

What they're saying: Much of "traditional banking services have been automated away," says Lightspeed partner Aaron Frank. "Trust admin is an even sleepier thing."

By the numbers: Northern Trust, one of the largest standalone players in the industry, is valued at $27 billion on the Nasdaq, though it also has a money management division.

Exclusive: Axiom Trust raises $11.8M to address wealth transfers

UBS estimates over $83 trillion in wealth will be transferred in the next 20 to 25 years.

Illustration of filing cabinet with one drawer pulled out shining light from inside

Axiom Trust, a startup tackling the wealth transfer wave, raised $11.8 million in seed and pre-seed funding led by Lightspeed Venture Partners.<ul><li>Wischoff Ventures, Runa Capital, SNR, Mercury founder Immad Akhund, and Primetime Partners also participated.</li></ul>Why it matters: UBS <a class="gtmContentClick" data-vars-link-text="estimates" data-vars-click-url="https://www.ubs.com/global/en/wealthmanagement/insights/global-wealth-report.html" data-vars-content-id="595ac2e9-7b94-468f-a327-fbf29ffffcad" data-vars-headline="Exclusive: Axiom Trust raises $11.8M to address wealth transfers" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.ubs.com/global/en/wealthmanagement/insights/global-wealth-report.html" target="_blank">estimates</a> over $83 trillion in wealth will be transferred in the next 20 to 25 years.

Exclusive: Axiom Trust raises $11.8M to address wealth transfers

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