Fundment, a platform for financial advisors targeting High Net Worth (HNW) individuals, has raised £45 million in Series C funding.
Fundment was founded by former Blackrock asset manager Ola Abdul. His goal is to leverage proprietary technology that improves the operations of the 500+ firms that work with the very wealthy.
The funding was led by Highland Europe with the participation of ETFS Capital. Terms of the deal were not disclosed.
Fundment raises £45 million led by Highland Europe to scale all-in-one tech platform for financial advisers
Fundment’s tech is said to offer services improving back office tools, discretionary investment management solutions while providing a portal as a one-stop shop for advisers to operate and monitor their investments. The platform is sais to abide by complex regulations which can drive significant client value.
Fundment notes that in the UK alone there is £5.5 trillion of assets which will be passed down over the next 30 years.
Commenting on the investment, Abdul, said that financial advice is a heavily regulated space and it is difficult for Fintech platforms to break through. He said that for the past six years, they have been building Fundment and they now have over 500 firms using it.
Fundment is regulated by the Financial Conduct Authority and is an HM Revenue & Customs approved ISA plan manager, and the operator of the Fundment Pension which is registered with HMRC.