Fundment secures £3.4m from ETFS Capital

Fundment helps financial advisers and wealth managers digitising their businesses by integrating core platform services, back-office tools and discretionary investment management. 

Fundment, a digital wealth management platform for financial advisers and wealth managers, has secured a £3.375m (US$4.25m) fundraise. 

The investment from ETFS Capital, which helped facilitate the merger of AltFi and ETF Stream earlier this year, will be used to launch a number of new products including a corporate workplace pension and an auto-enrolment solution.  

Fundment helps financial advisers and wealth managers digitising their businesses by integrating core platform services, back-office tools and discretionary investment management.  

Ola Abdul, founder and CEO at Fundment says the firm is onboarding around two new wealth clients per week.  

“We’re in discussion with a number of firms that are all looking to digital platform technology solutions that are more complementary to their own businesses,” he said. 

 “Securing investment from ETFS Capital is further confirmation that we are on the right path and our expansion is really only just beginning. Our technology and team are well-positioned to expand further having grown rapidly in the last 12 months,” he added. 

“The key themes we see in discussions we’re having with advisers and wealth managers are around better management and control of their advice proposition, scaling advice services efficiently and safely, delivery of transparent costs and charges, and enhancing the overall customer experience.” 

Graham Tuckwell, Chairman at ETFS Capital said: “Fundment has impressed us with what they have achieved to date. This is a business with robust foundations, which is proving the importance and value of a Digital First approach. We believe Fundment has the potential to expand significantly in a post-Covid-19 world.”

UPDATE 09-07-2020 – This article's headline has been corrected to clarify that ETFS Capital invested £3.4m in Fundment, not £3.8m.