iCapital to acquire Parallel Markets.

iCapital, the global fintech platform driving the world’s alternative investment marketplace for the wealth and asset management industries, agreed to acquire Parallel Markets, a financial platform designed to simplify the onboarding and verification process. Financial terms were not disclosed. “We built an industry-leading onboarding and KYC/AML Passport solution for financial institutions who are looking to streamline and scale their business by eliminating redundant processes. As of today, we have focused on fund managers and the broader private wealth channel which is an increasingly important focus for leading financial institutions. We are thrilled to join iCapital and together provide an innovative, tech-enabled identity management service that powers further integration between asset and wealth managers in a seamless experience,” Tony Peccatiello, Parallel Markets Co-founder and CEO.