UK WealthTech Fundment, founded by former BlackRock and abrdn asset manager Ola Abdul, has raised £45 million in Series C funding.
Founded in 2018, Fundment’s proprietary technology integrates core platform services, back office tools, discretionary investment management tools and user-friendly portals in a one-stop shop 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.
The firm's marketplace platform has access to a comprehensive range of investments from companies including Legal & General, BlackRock and HSBC, including OEICs and Unit Trusts, Investment Trusts, ETFs, domestic and international equities.
Fundment curently serves a customer base of over 500 firms, from sole traders to wealth management companies servicing high net worth clients. 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.
Ola Abdul, founder and CEO of Fundment, says: “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. I’m delighted to have the backing of Highland Europe and look forward to working with the knowledgeable team there as we scale Fundment.”