Northern Star declined a request for comment. "Northern Star will provide Apex with the resources and flexibility to accelerate our growth, scale our platform, and expand our offerings and market share," Capuzzi added in a release. The venture is highly profitable with revenues of about $236 million and cash flow near $86 million for the fiscal year 2020 - and the plan is to keep that growth rate steaming. The three-fold leap in the past four years has been fueled by more than 200 firms that use it as clearing house, custodian, or both.Īpex saw more than 1 million crypto accounts opened in 2021 by it clients and it has about 13 million total investor accounts it services. To comply with a public listing, Apex revealed for the first time it currently custodies $92 billion in client assets, up from $30 billion in late 2017. "This is a momentous milestone," says Apex CEO, Bill Capuzzi, in a LinkedIn post. Northern Star will also pay-down the firm's $120 million debt, the SPAC's co-founder president, and chief operating officer, Jonathan Ledecky told industry analysts during a conference call this morning. 22) it is slated to receive $850 million to as much as $1 billion, after special purpose acquisition company (SPAC) Northern Star Acquisition moved to take it public at a $4.7 billion valuation. The Dallas clearing firm said today (Feb. is reporting a back-door initial public offering (IPO) that may radically up its chances to play disrupter in both RIA and crypto-currency custody and trading markets.īill Capuzzi: This is a momentous milestone. But with this SPAC and PE deal, it can combine its entrepreneurial moxie with $850 million in cash to see where it lands in 2023.Īfter being given up for dead more than once, Apex Clearing Corp. It has even more to prove with RIAs for whom human service is often a deciding factor. Still, it has much to prove about customer retention, having lost firms like Wealthfront and Robinhood once they got around to taking clearing in-house. its APIs allow white-labeling the Apex brand is nowhere to be seen. What exactly is Apex doing right? It uses a high tech approach to keep a low profile i.e. The assets in custody have tripled since 2017 to near $100 billion.
That high P/E ratio would suggest it is growing at an amazing rate. Its $4.7 billion valuation in this latest cash raise is more than the market capitalization of Envestnet, despite Apex churning out about half as much cash flow. Yet it appears Apex's future is ahead of schedule - maybe thanks to unforeseen crypto and COVID catalysts. Apex was always considered an ahead-of-the-curve underdog whose future might never arrive. The Dallas turnaround project is now valued near $5 billion after its assets in custody jumped from $30 billion in 2017 under care of Pershing and Morningstar RIA defectors.įebru7:27 PM by Oisin Breen Brooke's Note: This is a shocking story - in a positive way. After growing to near $100 billion in custody, Apex Clearing strikes 'IPO' deal to raise 'up to' $1 billion to disrupt existing RIA custody
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