Hybrid advice platform Open Advice has raised £250,000 ($311,000, €285,000) including £150,000 from Symvan Capital, an early stage seed and growth stage venture capital fund manager.
The company was set up in 2022 by financial planning company First Wealth to enable advisers to close the advice gap by automating onboarding, financial planning and investing.
Open Advice plans to use the investment to support its ambitions to build an entire ecosystem that enables clients to complete tasks in one place: from accessing financial plans and managing investments to opening an ISA and generating valuations and compliance reports. Its technology can be white labelled for other advice firms.
The funding will fast-track Open Advice’s plans to help advisers build relationships with next gen clients. As it evolves, Open Advice plans to build its evidence-based model using data for modelling to help advise clients more effectively based on their life goals.
Anthony Villis, co-founder of Open Advice, said: “Open Advice is a service built by advisers for advisers and this investment will help us onboard more clients and launch additional features to become a market-leading SaaS business for the financial advice profession.
“I’m delighted to have Symvan on board. They are a team we know well and trust and have a proven track record for growing fintech startups. We have ambitious plans for scaling Open Advice and Symvan shares our vision.”
