Technology-based wealth manager Netwealth has said it has completed a third round of fundraising with new commitments of £10m.
It said the funds raised, which now equate to £26.5m, will be principally used for further investment in staff and technology.
This third fundraising round was led by businessman Michael Spencer, who made a £5m investment. The remaining was split between a small number of new investors, as well as 75% of existing shareholders.
Other investors have included Jupiter Fund Management vice chairman Edward Bonham Carter, Prudential and Man Group former chairman Harvey McGrath and Santander vice chairman and Lloyds of London chairman Bruce Carnegie-Brown.
In addition, Netwealth said it had made "strong progress" since its launch in 2015, with clients moving investments from traditional wealth managers as well as from cash and DIY platforms. Average client assets were £400,000 as of 1 September.
Netwealth CEO Charlotte Ransom (pictured) said: "The latest investment, once again from such well respected and informed investors, is another positive endorsement of Netwealth's vision and what we have achieved to date."
"Until now, wealth managers have been able to get away with putting their interests first, through high and opaque fees coupled with an outdated service," she added. "We are changing this reality."
She said Netwealth's "modern, client-centric and cost-effective" business provides clients with a "genuine alternative" to investing with the incumbents.
Brooks Macdonald has bought Edinburgh-based wealth and asset manager Cornelian Asset Managers for a fee of up to £39m.