The nascent robo-advice/digital wealth management market has new competition.
Fountain, a digital wealth management platform aiming to “empower” investors to achieve their financial goals has secured seed round investment.
The cash, an undisclosed sum, came from a number of City figures led by Patrick Day, chairman of Day Cooper Day, a specialist pensions provider.
Fountain was launched earlier this year 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.”
They will use this seed round to invest in technology, growth and work towards their FCA license.
The platform aims to tackle the so-called advice gap, identified by the Financial Conduct Authority (FCA), whereby the regulator is concerned too many are put off investing owing to the cost of financial advice.
Patrick Day said: “Current financial advice offerings have struggled to keep pace with the rapidly changing needs of the smartphone generation. Fountain will bring a leap forward in the market.”
Dann Bibas, co-founder, of Fountain: “The future looks very bright for Fountain, we’re simplifying investing at a time when the UK consumer is embracing new technologies to grow their hard earned money”.