UK-based Fundment Raises $55.4M to Scale Operations

Fundment, a tech platform for financial advisors, has raised $55.4M in Series C funding to scale its team, product development, and future expansion.

The funding round was led by Highland Europe (which recently invested in 9fin and Finbourne Technology), with participation from ETFS Capital. The investment will be used for scaling operations such as product development, scaling the team, and future expansion.  

Meet Fundment

Launched in 2018 by experienced asset manager Ola Abdul, previously with Aberdeen Asset Management and BlackRock, Fundment was created to solve financial advisers’ daily technology challenges. 

The difficulty of integrating third-party legacy infrastructure with core applications has put financial advisers under more pressure than ever to provide bespoke, regulated, and timely services to their client base.

“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,” Abdul said.

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Fundment’s proprietary technology integrates core platform services, back office tools, discretionary investment management solutions, and user-friendly portals in a one-stop shop where advisers can securely operate and monitor their investment processes. 

The platform enables firms to utilize tax wrappers and build their APIs to customize integrations and extensibility. This helps firms scale efficiently with automated processes while adhering to complex regulations that drive significant client value.

Fundment’s Impressive Client base

The company’s marketplace platform has access to a comprehensive range of investments from Legal & General, BlackRock and HSBC, OEICs and Unit Trusts, Investment Trusts, ETFs, and domestic and international equities. 

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This has enabled Fundment to serve a growing customer base of over 500 firms, including everything from sole traders to wealth management companies, double its assets under management year-on-year and reach profitability. 

“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,” Abdul added.

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.

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Speaking on the fundraise, Gajan Rajnathan, General Partner at Highland Europe, said, “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.”