Fundment raises £45m as profit milestone reached
We are delighted to announce a fresh £45m investment in our adviser platform to drive further product development and innovation.
Our Series C fundraise is led by Highland Europe – backers of several fintech scale-ups as well as disruptive nutrition brand Huel – with further participation from long-time investors ETFS Capital.
The new funding comes as we recorded a full-year profit following a doubling of revenues.
Profits of £211,607 for the year to 31 July 2024 come just six years after we took on our first adviser firm. Revenues for the same period were £5.8m, up 115% from the £2.7m recorded in the previous 12 months.
An ‘all-in-one’ platform
Fundment launched in 2018 to shake up the world of adviser platform technology and upgrade the investment experience for advisers and their clients.
Our new investment will help us to further develop our technology and service capabilities, grow our team, and explore areas for further expansion.
Ola Abdul, Founder and CEO of Fundment, said: “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 more than 500 firms and some 25,000 advised customers 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.”
The new investment follows a jam-packed 2024 for Fundment.
We launched digital drawdown and a Lifetime ISA. We bolstered our cash proposition with a Cash ISA and Cash LISA, and fully digitised our cash investment options. We unveiled a new client dashboard and provided new flexibility around advisers’ fee payments. We even moved home.
A ‘unique perspective’
New backers Highland Europe said financial advisers face a growing need for modern technology.
Gajan Rajanathan, General Partner at Highland Europe, said: “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.”
Highland Europe invests in exceptional growth-stage technology companies. Formally launched in 2012, it has raised more than €2.75bn and invested in fintech scale-ups such as 9fin, Descartes Underwriting, Featurespace, Finbourne, hyperexponential and Modulr, alongside many other software and internet companies.