Fundinga London-based fintech platform for financial advisors, today announces that it has raised €53 million in Series C to invest in product development, scale its team and fuel future expansion.
The financing round was led by Highland Europe, with participation from ETFS Capital.
Ola Abdoulfounder and CEO of Fundment, said: “Financial advisory is a heavily regulated field and it’s difficult for fintech platforms to break through if they don’t truly understand how to manage and enable their clients’ operations. Over the past six years, we’ve grown Fundment as an all-in-one technology platform to meet all the needs of financial advisory firms so they can spend more time delivering value to clients . We now have over 500 companies relying on Fundment, but we’re still in the early stages of our journey. I am delighted to have the support of Highland Europe and look forward to working with the capable team there as we grow Fundment..”
Founded in 2018 by asset manager Ola Abdul, who previously worked at Abrdn and BlackRock, Fundment was created to solve the technology challenges financial advisors face every day.
Fundment is a global platform whose primary goal is to transform the investment experience for financial advisors and their clients. Powered by its proprietary technology, Fundment integrates core platform services, back-office tools, discretionary investment management solutions and user-friendly portals.
Funding makes it easier for advisors to operate and monitor their centralized investment proposition, whether outsourced or managed in-house.
According to Fundment, existing infrastructure lacks integration with core applications, leading to ongoing challenges for financial advisors, who are under more pressure than ever to provide tailored, regulated and timely services to their clientele.
Fundment’s proprietary technology integrates core platform services, back-office tools, discretionary investment management solutions and user-friendly portals into a single window for advisors to operate and monitor their investment processes in completely safe.
The platform allows businesses to use tax wrappers and create their own APIs to customize integrations and extensibility. This helps businesses scale efficiently through automated processes, while complying with complex regulations that drive significant customer value.
Fundament says there are few dedicated tools for financial advisors serving high-net-worth individuals, a considerable gap considering that in the UK alone, €6.5 trillion of assets will be transferred over the next 30 years, while globally this figure is closer to €65.8 trillion.. At the same time, financial advisors are facing tougher cost and regulatory pressures. This is why the global financial planning software market is expected to worth 17.5 billion euros in the next 10 years.
Fundment aims to lead this charge by creating a modern solution for financial advisors that creates a seamless experience for their clients. Its marketplace platform has access to a full range of investments from companies such as Legal & General, BlackRock and HSBC, including OEICs and mutual funds, investment trusts, ETFs, domestic and international stocks .
This has enabled Fundment to serve a growing clientele of over 500 businesses, ranging from sole traders to wealth management firms, as well as double its assets under management year on year and achieve profitability.
Fundment also works with local authorities and their advisors to provide the public sector with the same modern architecture used by the private sector.
Gajan Rajanathangeneral partner at Highland Europe, said: “Financial advisors face a growing need for modern technology to evolve in the face of increasing client sophistication and regulatory pressure. We are excited to support Ola and the Fundment team, who have deep expertise in the asset management space and a unique perspective on the software challenges facing independent financial advisors. Fundment offers an easy-to-use, transparent and modern investment platform offering comprehensive access to a suite of investment options. There will be strong tailwinds in this market over the coming years and Fundment is in a great position to capitalize.»
Fundraising is subject to FCA approval.