Fundment has raised £45m in a Series C funding round to scale the platform’s offering and team, including product and engineering.
The London-based business said the round was led by Highland Europe, including participation from ETFS Capital, and is subject to FCA approval.
Founded in 2018 by experienced asset manager Ola Abdul who was previously with abrdn and BlackRock, Fundment was created to solve the technology challenges faced by financial advisers.
Abdul said: “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.”
“There will be powerful tailwinds in this market over the coming years and Fundment is in an ideal position to capitalise,” added Gajan Rajanathan, General Partner at Highland Europe.
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.
In the UK alone, £5.5 trillion of assets will be passed down over the next 30 years, whilst globally the number is closer to $68 trillion. At the same time, financial advisers are under tougher cost and regulatory pressures, which is why the global financial planning software market is expected to be worth $18.1 billion in the next 10 years.
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