Fundment, a London-based fintech platform for monetary advisers, is asserting at the moment it has raised €53 million in Sequence C as a way to put money into product improvement, scale their staff, and gas future growth.
The funding spherical was led by Highland Europe, with participation from ETFS Capital.
Ola Abdul, founder and CEO of Fundment, stated: “Monetary recommendation is a closely regulated area and it’s troublesome for fintech platforms to interrupt via except they really perceive methods to handle and allow operations for his or her clients. For the previous six years, now we have been constructing Fundment because the all-in-one tech platform to assist a monetary recommendation agency’s each want to allow them to dedicate extra time to delivering worth to clients. We now have over 500 companies counting on Fundment, however we’re nonetheless within the early phases of our journey. I’m delighted to have the backing of Highland Europe and stay up for working with the educated staff there as we scale Fundment.”
Based in 2018 by asset supervisor Ola Abdul who was beforehand with abrdn and BlackRock, Fundment was created to unravel the know-how challenges monetary advisers face on daily basis.
Fundment is a wrap platform with the core goal of reworking the funding expertise for monetary advisers and their shoppers. Powered by their proprietary know-how, Fundment integrates core platform providers, back-office instruments, discretionary funding administration options and user-friendly portals.
Fundment makes it simpler for advisers to function and monitor their centralised funding proposition, whether or not outsourced or operated in-house.
In line with Fundment, legacy infrastructure lacks integrations with core functions resulting in ongoing difficulties for monetary advisers, who’re below extra stress than ever to supply bespoke, regulated and well timed providers to their shopper base.
Fundment’s proprietary know-how integrates core platform providers, again workplace instruments, discretionary funding administration options and user-friendly portals in a one-stop store for advisers to function and monitor their funding processes securely.
The platform permits companies to utilise tax wrappers and construct their very own APIs to customize integrations and extensibility. This helps companies scale effectively with automated processes, while adhering to advanced laws which drive vital shopper worth.
Fundament argues that there are few devoted instruments aimed toward monetary advisers serving high-net-worth people, a substantial hole when contemplating that within the UK alone, €6.5 trillion of property will probably be handed down over the subsequent 30 years, while globally the quantity is nearer to €65.8 trillion. On the similar time, monetary advisers are below harder price and regulatory pressures, which is why the worldwide monetary planning software program market is anticipated to be value €17.5 billion within the subsequent 10 years.
Fundment goals to steer this cost by constructing a contemporary resolution for monetary advisers that creates a frictionless expertise for his or her shoppers. Its market platform has entry to a complete vary of investments from corporations together with Authorized & Common, BlackRock and HSBC, together with OEICs and Unit Trusts, Funding Trusts, ETFs, home and worldwide equities.
This has enabled Fundment to serve a rising buyer base of over 500 companies, together with the whole lot from sole merchants to wealth administration corporations, in addition to double its property below administration year-on-year and attain profitability.
Fundment can also be working with native authorities and their advisers to supply the general public sector with the identical trendy structure that the non-public sector makes use of.
Gajan Rajanathan, Common Accomplice at Highland Europe, stated: “Monetary advisers face a rising want for contemporary know-how to scale amidst growing shopper sophistication and regulatory stress. We’re thrilled to be backing Ola and the staff at Fundment, who’ve deep area experience in asset administration and a singular perspective on the software program challenges dealing with unbiased monetary advisers. Fundment provides a simple to make use of, clear, trendy funding platform offering complete entry to a collection of funding choices. There will probably be highly effective tailwinds on this market over the approaching years and Fundment is in a perfect place to capitalise.”
The fundraise is topic to FCA approval.
