Fundment scores £45M Series C for financial adviser platform

Fundment, a tech platform streamlining administrative processes for financial advisers, has raised £45M in Series C funding led by Highland Europe.

The new funding, including participation from ETFS Capital, will be used to invest in product development, scaling the team and international expansion.

Fundment combats the bundling of legacy financial advisory infrastructure without integration. Financial advisers are under pressure more than ever to provide bespoke and timely services to their client base, so tailored data tracking and analysis is integral.

Fundment’s proprietary technology consists of integrated core platform services, back office tools, discretionary investment management solutions and portals for advisers to operate and monitor their investment processes securely.

The platform allows firms to utilise tax wrappers and build their own APIs to customise integrations and extensibility, to automate processes whilst adhering to complex regulations. In the UK alone, £5.5T of assets will be passed down over the next 30 years, whilst globally the number is closer to $68T. Fundment's platform features companies including Legal & General, BlackRock and HSBC, including OEICs and Unit Trusts, Investment Trusts, ETFs, domestic and international equities. 

Ola Abdul, founder and CEO of Fundment, commented on the raise: “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. 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: “Financial advisers face a growing need for modern technology to scale amidst increasing client sophistication and regulatory pressure. 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.”