WealthHub Solutions, the 2-year-old provider of software for trusts administration professionals, has completed its first round of institutional financing.

The Conshohocken-based company raised $1.6 million from individual investors and institutions including Rittenhouse Ventures and Ben Franklin Technology Partners.

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WealthHub CEO Jim Marks said the company will use the financing to accelerate its growth and expand product development.

“This will help with sales and marketing,” Marks said. “It’s also a validation from highly knowledgeable investors. [Rittenhouse Ventures Managing Partner] Bruce Luehrs has been investing in fintech companies for 15 years.”

WealthHub has only been selling its product for one year to U.S. trust companies, family offices and law firms. Marks said it has 12 clients and many more prospects.

“It’s just getting traction,” Marks said. “When we have a chance to demo the product the response has been uniformally positive. Our issue has been getting the word out. And this will help with more marketing and to hiring additional sales professionals.”

WealthHub offers a cloud-based platform for trust officers and other fiduciaries that integrates investment data and reporting with automated workflow, client management and prospecting, task scheduling, document management, and compliance.

Wealth Hub was founded by Antony Joffe, president of Sterling Trustees, a trust administration firm located in the same Conshohocken office building that also happens to be the largest shareholder.

Another WealthHub investor is Tom Petro, former CEO of Fox Chase Bancorp.