DPL Financial Partners, an insurance network for registered investment advisors based in Louisville, Ken., has received a $26 million equity capital investment, which it will use to enhance its technology and infrastructure, DPL announced Wednesday.
The investment comes from DPL’s initial investor, Eldridge, based in Greenwich, Conn., and from Atlas Merchant Capital, a private investment firm based in New York City and London. Eldridge focuses its investments on insurance, credit, technology, real estate, sports, media, and consumer companies. Atlas Merchant Capital was founded by Bob Diamond and David Schamis.
DPL has a growing advisor clientele of more than 10,000 advisors, which it serves by providing commission-free annuity and insurance products to their clients. Some of the nation's biggest insurers work with DPL, the ccompany said.
“Eldridge has been with us from the start, so they understand the business we’re building, the huge opportunity in front of us, and the place technology has always occupied at the forefront of our strategic plan,” David Lau, founder and CEO of DPL, said in a statement.
In connection with the investments, representatives from Atlas Merchant Capital and Eldridge will join a newly formed board of directors for DPL that will also include Lau and two independent members to be named later.