Major Investment Announcement: Fundment Raises £45 Million in Latest Funding Round

Introduction

Fundament is driving the change by developing a contemporary solution for financial advisers that gives their clients a frictionless experience. From Legal & General, BlackRock and HSBC, including OEICs and Unit Trusts, Investment Trusts, ETFs, domestic and international shares, its marketplace platform has access to a whole spectrum of products. This has allowed Fundment to quadruple its assets under management year-on-year and reach profitability as well as serve a growing customer base of over 500 businesses, comprising anything from sole traders to wealth management corporations. Fundment is also working with local authorities and their advisers to provide the public sector the same modern architecture that the private sector employs as the UK government plans to revamp the UK public pension system.

Established in 2018 by seasoned asset manager Ola Abdul, formerly with BlackRock and abrdn, Fundment was developed to address daily technological issues financial advisers encounter. Outsourced legacy infrastructure lacks connections with key applications, which causes continuous challenges for financial advisers, under greater pressure than ever to provide customized, regulated, timely services to their customer base.

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Industry Comments

Ola Abdul, founder and CEO of Fundment, said: “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, 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. 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.”

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Key points about the announcement:

Investment amount: £45 million
Funding round: Series C
Lead investor: Highland Europe
Company focus: Providing a comprehensive technology platform for financial advisors with back-office tools, discretionary investment management solutions, and client portals.