The website, findawealthmanager.com, has secured £500,000 (€739,000, €692,000) from a small group of private backers.
This new investment will help launch the service in Singapore, targeting Asian wealth managers. It will also help the business meet recruitment costs, increase its marketing potential, and enhance the service and user experience.
This is the site’s first round of external funding since it launched in 2012. It said it has been profitable throughout this period and has no debt.
“Difficult to find”
Founders, Dominic Gamble and Lee Goggin, decided to develop their idea after realising they could fill a gap in the market by providing useful guidance online for individuals trying to choose a wealth manager.
“There are plenty of great wealth managers out there, but it can be difficult to find them on your own,” said Goggin. “We wanted to build something for wealthy individuals with £50,000 and above in investible assets that is quick and easy to use.
“Our service is revolutionising the way high net worth individuals find the best-matched institutions for their needs, forming an important part of the increasing digitisation and embracing of technology of what is often thought of as a very traditional relationship business.”
“Resonated strongly”
The company has nearly 40 wealth managers on its panel and said it has helped more than 1,000 investors find the right wealth manager for their profile. The service selects a maximum of three best-matched wealth managers who then offer the prospective client a free consultation.
The site is set to unveil its Asian service in the next few weeks.
Gamble said: “We are very excited that, three years on, our service has resonated so strongly with a group of individuals that they have backed us with their personal wealth to build the business in core markets.”
