In its efforts to expand its UK operations, adviser investment platform provider Fundment has secured £3.4m funding from global investment company ETFS Capital.
The firm provides white label platforms to adviser and wealth management firms and is attempting to disrupt the platform sector. It is the fourth funding round the company has completed after the venture capital arm of the Gothenburg-based firm Collector Bank invested in the firm in 2017 a few months after its operations went live in the UK.
Over the course of the next year the business said it planned to launch a number of new products, including a corporate workplace pensions and an auto-enrolment solution. The firm said it was onboarding around two adviser firms a week and was in discussion with more.
Fundment CEO and founder Ola Abdul (pictured) said: "The key themes we see in discussions we're having with advisers and wealth managers are around better management and control of their advice proposition, scaling advice services efficiently and safely, delivery of transparent costs and charges, and enhancing the overall customer experience.
"Securing investment from ETFS Capital is further confirmation that we are on the right path and our expansion is really only just beginning."
ETFS Capital chairman Graham Tuckwell added: "Fundment has impressed us with what they have achieved to date. This is a business with robust foundations, which is proving the importance and value of a 'digital first' approach. We believe Fundment has the potential to expand significantly in a post Covid-19 world."
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