AltFi understands that members of the Fountain team will be moving onto new roles in the fintech and digital wealth management industry in the UK in the coming months but the business will cease to operate.
Digital wealth management platform Fountain is to close its operations later this month.
The firm was co-founded in 2017 by former Citigroup traders Dann Bibas and Nishil Parekh with investors including 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.
It received full authorisation from the Financial Conduct Authority last July, enabling the firm to fully launch to customers.
In a note to clients, sent last night and seen by AltFi, the firm said:
“Since our inception, the team at Fountain has worked tirelessly to democratise wealth management as we pushed the boundaries of new technology and customer experience.”
That being said, Fountain, unfortunately, couldn't overcome certain risks that are inherently part of any new venture. After careful consideration from our team, founders and shareholders, we've chosen to draw a line under our chapter at Fountain and will be ceasing operations at the end of the month.”
All investments are safely held with a third-party custodian, the firm added.
Dann Bibas, founder and CEO of the firm, speaking to AltFi directly said they are ceasing operations in a clean and compliant way; without any outstanding liabilities or issues, with the support of their shareholders, and resources in place to help its customers find other investment solutions.
"Our team has worked tirelessly to build an investment proposition that combines new technology with human expertise, so it’s with a heavy heart that we’re drawing a line under this chapter at Fountain. We’re grateful to our customers for having trusted us with their hard-earned money and to all the people that have helped us along the way".
AltFi understands that members of the Fountain team will be moving onto new roles within London's fintech scene in the coming months.
The firm says existing customers with any questions should email firstname.lastname@example.org for help.