Platform tech provider Fundment has raised £45m in a funding round led by private equity firm Highland Europe.
The new funding, which is subject to regulatory approval, included participation from ETFS Capital.
It will be used to invest in Fundment’s product development, scaling the team and future expansion.
Fundment has become one of the leading tech platforms for financial advisers and their high-net-worth clients.
Its proprietary technology helps over 500 firms operate and monitor their investment processes securely.
The platform, founded by experienced asset manager Ola Abdul, allows firms to utilise tax wrappers and build their own APIs to customise integrations and extensibility.
This helps firms scale efficiently with automated processes, while adhering to complex regulations that drive significant client value.
Ola Abdul, founder and CEO of Fundment, said: “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.”
Gajan Rajanathan, general partner at Highland Europe, added: “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.”
Modern architecture for financial advice
Investment in new fintech technologies has exploded in recent years. While robo advisers and trading apps are democratising investing for retail investors, there are few dedicated tools aimed at financial advisers serving high-net-worth individuals.
Fundment said it will lead the charge by building a modern solution for financial advisers that creates a frictionless experience for their clients.
Its marketplace platform has access to a comprehensive range of investments from companies including Legal & General, BlackRock and HSBC, and featuring OEICs and Unit Trusts, Investment Trusts, ETFs, domestic and international equities.
