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 for private foundations. Vestigo invested in the Source Foundation in connection with the philanthropic technology company purchase of PG Calc in February, which expanded its suite of charitable giving skills.
“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 leading source of enterprise-caliber charitable giving solutions and for to offer the best of what fintech has to offer donors, nonprofits, and their financial and philanthropic advisors,” CEO Joseph Mrak III said 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.
“The Burimi Foundation's vision to make giving easier and more impactful will bring cutting-edge solutions to a sector that has long been overlooked by innovators and investors,” he said in a statement.
Last September, Burimi Foundation 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 named Mrak, previously Global Head of Wealth Solutions at Refinitiv, as its CEO. He replaced Sunil Garga, who resigned.