Fundment, a Black-owned all-in-one tech platform for financial advisers, raised £45 million ($55.4 million) in Series C led by Highland Europe, as per Tech Funding News. The investment will scale the team, develop the product, and achieve future growth.
Financial advisers are under more pressure than ever, which is why the global financial planning software market is set to amount to $18.1 billion in the next decade. For this reason, Fundment aims to create innovative solutions for financial advisers that will allow a smooth experience for their clients.
“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,” said Ola Abdul, founder and CEO of Fundment.
What is Fundment?
Experienced asset manager Ola Abdul founded Fundment in 2018 after working at Abrdn and BlackRock. The company aims to help financial advisers with daily technical challenges. Old infrastructure lacks integrations with core applications, causing continuous problems for financial advisers experiencing the pressure to create specific, regulated, and timely services for their clients.
Fundment technology uses core platform services, back office tools, discretionary investment management solutions, and simple portals in a one-stop shop for advisers to utilize and watch their investment process. The platform helps firms use tax wrappers and create APIs to personalise integrations and extensibility.
Which companies do Fundment have access to?
They have access to various investments from companies like Legal & General, BlackRock, and HSBC, including OEICs and Unit Trusts, Investment Trusts, ETFs, and domestic and international equities. This has allowed the company to serve an expanding customer base of over 500 firms, including sole traders and wealth management companies. Fundament also works with local authorities and their advisers to support the public sector with the same modern design the private sector utilizes.
“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,” Gajan Rajanathan, General Partner at Highland Europe, said.
Image: UK Tech News
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