Fundament, a UK-based entity, secures $55.4 million in funding to expand operations
Fundment Secures $55.4M in Series C Funding to boost Expansion
Fintech platform Fundment, designed to streamline tasks for financial advisors, has announced a $55.4 million Series C funding round. Highland Europe, a renowned investor in the financial technology sector, led the investment round, with participation from ETFS Capital.
The funding will be utilized to scale Fundment's operations, including product development and team expansion, to facilitate future growth. Launched in 2018 by Ola Abdul, a seasoned asset manager with experience at Aberdeen Asset Management and BlackRock, Fundment aims to address the daily technological challenges faced by financial advisors.
The Integration of third-party legacy infrastructure with core applications has been a significant hurdle for financial advisors, putting them under pressure to provide bespoke, regulated, and timely services. Fundment's proprietary technology integrates essential services such as core platform services, back office tools, discretionary investment management solutions, and user-friendly portals into a unified platform.
The platform enables firms to take advantage of tax wrappers and customize integrations using their API, promoting scalability with automated processes while adhering to complex regulations. This focus on efficiency and automation is likely to continue as a key aspect of Fundment's product development strategy.
Fundment's marketplace platform offers a wide range of investments from leading providers like Legal & General, BlackRock, and HSBC. This access has enabled the company to serve over 500 firms, from sole traders to wealth management companies,, more than doubling its assets under management year-over-year and achieving profitability.
With the recently announced funding round, Fundment plans to build on its growth and expand its reach. The company is also working with local authorities and their advisers to provide the public sector with the same modern architecture that is currently available in the private sector.
Gajan Rajnathan, General Partner at Highland Europe, expressed his enthusiasm about the investment, stating that financial advisors require modern technology to scale amidst growing client sophistication and regulatory pressure. Rajnathan applauded Fundment for its deep domain expertise in asset management and understanding of the software challenges faced by independent financial advisers.
As the UK government proposes to overhaul the UK public pension system, Fundment's role in the fintech sector seems poised for continued growth and influence.The company's recent funding round and profitable status position it well for executing expansion plans both domestically and internationally.
The funding secured by Fundment in its Series C round will be utilized for scaling operations, notably in product development and team expansion, aimed at addressing technological challenges in the financial advisory business. Highland Europe, an investor in the financial technology sector, led the investment round, recognizing Fundment's potential to provide modern technology solutions that help financial advisors scale amidst growing client sophistication and regulatory pressure.
