The firm is one of the latest digital wealth managers to gear up for a full launch amid a race for customers.
Fountain, a new digital wealth manager, has received full authorisation from the Financial Conduct Authority enabling the firm to fully launch to customers.
The firm says it takes a holistic approach to investing revolving around clients’ values, goals, and investment objectives. It aims to bring a high level of personalisation through an automated digital service.
It was co-founded in 2017 by former Citigroup traders Dann Bibas and Nishil Parekh with “a vision to digitise the advisory process and offer bespoke investment plans that revolve around people’s goals.” Fountain’s investors include Charlotte Street Capital alongside a number of angels working in large banks– acting in a private capacity – from Goldman Sachs, Societe Generale, Citigroup and Deutsche Bank.
Bibas, co-founder of Fountain, says that the firm will this week allow its first "real" customers - all team members - to join as part of its first wave of onboarding. Afterwards, it will start onboarding members from its waitlist.
“The FCA authorisation is an important milestone for Fountain and it allows us to charge forward with our upcoming launch and ambitions to build a 21st century wealth manager,” Bibas said.
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.