A tech platform for financial advisers has raised £45 million in Series C funding.
Fundment was founded in 2018 by experienced asset manager Ola Abdul, who was previously with abrdn and BlackRock.
The round, led by Highland Europe, includes participation from ETFS Capital and will be used to invest in product development and scale the team.
Fundment was created to solve the technology challenges financial advisers face every day. Outsourced legacy infrastructure lacks integrations with core applications leading to ongoing difficulties for financial advisers, who are under pressure to provide bespoke, regulated and timely services to their client base.
Fundment’s proprietary technology integrates core platform services, back office tools, discretionary investment management solutions and user-friendly portals to allow advisers to operate and monitor their investment processes securely.
The platform allows firms to utilise tax wrappers and build their own APIs to customise integrations and extensibility. This helps firms scale efficiently with automated processes, whilst adhering to complex regulations.
Its marketplace platform has access to a comprehensive range of investments from companies including Legal & General, BlackRock and HSBC, including OEICs and Unit Trusts, Investment Trusts, ETFs, domestic and international equities.
This has enabled Fundment to serve a growing customer base of over 500 firms, including everything from sole traders to wealth management companies, as well as double its assets under management year-on-year and reach profitability.
“Financial advice is a heavily regulated space and it is difficult for fintech platforms to break through unless they truly understand how to manage and enable operations for their customers,” said Abdul.
“For the past six years, we have been building Fundment as the all-in-one tech platform to support a financial advice firm’s every need so they can dedicate more time to delivering value to customers.
“We now have over 500 firms relying on Fundment, but we’re still in the early stages of our journey. I’m delighted to have the backing of Highland Europe and look forward to working with the knowledgeable team there as we scale Fundment.”
Gajan Rajanathan, general partner at Highland Europe, said: “Financial advisers face a growing need for modern technology to scale amidst increasing client sophistication and regulatory pressure.
“We are thrilled to be backing Ola and the team at Fundment, who have deep domain expertise in asset management and a unique perspective on the software challenges facing independent financial advisers. Fundment offers an easy to use, transparent, modern investment platform providing comprehensive access to a suite of investment options.
“There will be powerful tailwinds in this market over the coming years and Fundment is in an ideal position to capitalise.”
The fundraise is subject to FCA approval.
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