UK-based WealthTech startup Fundment, founded by former BlackRock and abrdn asset manager Ola Abdul, has secured £45 million in Series C funding. The financing will fuel the expansion of its innovative platform, which provides an all-in-one solution for financial advisers.
About Fundment
Founded in 2018, Fundment offers a proprietary technology platform that integrates:
- Core platform services.
- Back-office and discretionary investment management tools.
- User-friendly portals to manage and monitor investment processes securely.
The platform also supports firms in leveraging tax wrappers and building custom APIs for flexible integrations.
Features and Partnerships
- Marketplace Access: A diverse range of investment options from partners like Legal & General, BlackRock, and HSBC, including OEICs, Unit Trusts, ETFs, and domestic/international equities.
- Broad Customer Base: Over 500 firms, ranging from sole traders to wealth managers serving high-net-worth individuals.
Additionally, with the UK government preparing to overhaul the public pension system, Fundment is collaborating with local authorities to introduce the same modern financial architecture used by the private sector.
Leadership Insight
Ola Abdul, Fundment’s founder and CEO, emphasizes the challenges of operating in a heavily regulated industry:
“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.”
He also expressed enthusiasm for the support from Highland Europe, a prominent investor in the Series C round.