Mark Casady, founder of venture capital firm Vestigo Ventures and former chairman and CEO of LPL Financial, has joined the board of directors at Foundation Source, a provider of cloud-based technology to private foundations. Vestigo invested in Foundation Source in conjunction with the philanthropy technology company’s acquisition of PG Calc in February, which expanded its suite of charitable giving capabilities.
"Mark's intimate knowledge of wealth managers and his deep understanding of the technology shaping the financial services ecosystem will be invaluable as we evolve to become the go-to source of enterprise-caliber charitable giving solutions and provide the best of what fintech has to offer to donors, nonprofits, and their financial and philanthropic advisors,” said CEO Joseph Mrak III, in a statement.
Vestigo was founded in 2016 by Casady; David Blundin, founder and chairman of Cogo Labs; and Managing Director Ian Sheridan, to invest in financial technology startups. Prior to that, Casady spent 15 years at LPL as chairman and CEO, leading the firm through its initial public offering in 2010 with a market capitalization of more than $3 billion. He also serves as a board member or advisor to several of Vestigo’s portfolio companies including DVx, Kingfield, Wagmo, ZenLedger, Retirable, Climate Club, Jobble and PactFi.
"Foundation Source's vision to make giving easier and more impactful will bring leading-edge solutions to a sector that has been long-overlooked by innovators and investors,” he said in a statement.
Last September, Foundation Source was acquired by GTCR, a Chicago-based private equity firm that also owns Captrust and Allspring Global Investments. In conjunction with that announcement, the company appointed Mrak, previously the Global Head of Wealth Solutions at Refinitiv, as its CEO. He replaced Sunil Garga, who stepped down.
