In a Series C funding round led by Highland Europe, UK-based wealthtech company Fundment has raised £45 million ($55.4 million) to accelerate its growth and expand operations.
Pending FCA approval, the investment will primarily focus on advancing product development and expanding Fundment’s product and engineering teams.
Founded in 2014 by former BlackRock employee Ola Abdul, Fundment operates a platform designed to streamline administrative tasks for financial advisors by integrating a range of back-office solutions into a single service. With over 500 firms already using its platform, Fundment is now setting its sights on scaling.
“Financial advice operates within a heavily regulated environment, and it’s challenging for fintech platforms to succeed unless they have a deep understanding of how to streamline and support their users’ operations. Over the past six years, we’ve built Fundment as an all-in-one tech platform designed to meet the full spectrum of needs for financial advice firms, so they can focus more on delivering value to their clients,” said Ola Abdul, Founder and CEO of Fundment.
Already profitable and experiencing a year-on-year doubling of assets under management, Fundment is expanding its platform’s investment offerings, including several ISA products.
As the financial services industry faces growing regulatory pressures and a more discerning client base, Gajan Rajanathan, General Partner at Highland Europe, sees Fundment in a strong position to meet the evolving technological needs of financial advisors.
“Fundment provides an intuitive, transparent, and modern investment platform that offers comprehensive access to a wide range of investment options. With the market poised for significant growth in the coming years, Fundment is ideally positioned to capitalize on these opportunities,” said Rajanathan.
