Fundment – a leading tech platform for financial advisers – announced it raised £45 million in Series C led by Highland Europe. This new funding round, including participation from ETFS Capital, will be used to invest in product development, team scaling, and future expansion.
Launched in 2018 by experienced asset manager Ola Abdul, previously with abrdn and BlackRock, Fundment was created to solve the technology challenges financial advisers face daily. Outsourced legacy infrastructure lacks integrations with core applications, leading to ongoing difficulties for financial advisers, who are under more pressure than ever to provide bespoke, regulated, and timely services to their client base.
Fundment’s technology integrates core platform services, back office tools, discretionary investment management solutions, and user-friendly portals in a one-stop shop where advisers can securely operate and monitor their investment processes. This platform enables firms to utilize tax wrappers and build their own APIs to customize integrations and extensibility. This helps firms scale efficiently with automated processes while adhering to complex regulations that drive significant client value.
The investment in new fintech technologies has surged in recent years. Even though robo-advisers and trading apps are democratizing investing for retail investors, few tools are aimed at financial advisers serving high-net-worth individuals. Fundment is building a modern solution for financial advisers that creates a frictionless experience for their clients.
The company’s marketplace platform has access to a comprehensive range of investments from Legal & General, BlackRock and HSBC, OEICs and Unit Trusts, Investment Trusts, ETFs, and 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, double its assets under management year-on-year and reach profitability. As the UK government proposes to overhaul the UK public pension system, Fundment is also working with local authorities and their advisers to provide the public sector with the same modern architecture that the private sector uses.
KEY QUOTES:
“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. 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.”
- Ola Abdul, founder and CEO of Fundment
“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.”
- Gajan Rajanathan, General Partner at Highland Europe
