19 January 2018
visit http://response.ncr.com

Investment advisory startup Fountain secures seed funding

23 November 2017  |  3188 views  |  0 Source: Fountain

Fountain​,​ ​the​ ​UK​ ​startup​ ​making investment​ ​advice​ ​more​ ​accessible,​ ​and​ ​empowering​ ​people​ ​to​ ​achieve​ ​their financial​ ​goals,​ ​has​ ​secured​ ​a​ ​seed​ ​round.

Fountain​​ ​was​ ​launched​ ​only​ ​a​ ​few​ ​months​ ​ago​ ​by​ ​former​ ​Citigroup​ ​traders​ ​Dann Bibas​ ​and​ ​Nishil​ ​Parekh​ ​with​ ​a​ ​vision​ ​to​ ​digitize​ ​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​ ​idea​ ​came​ ​to​ ​life​ ​after​ ​various​ ​community​ ​events​ ​in​ ​cafes​ ​and​ ​co-working​ ​spaces​ ​about​ ​investing. Time​ ​and​ ​time​ ​again,​ ​people​ ​in​ ​their​ ​20s​ ​and​ ​30s​ ​reiterated​ ​that​ ​they​ ​wanted​ ​investment​ ​advice​ ​that would​ ​help​ ​them​ ​reach​ ​their​ ​goals:​ ​the​ ​keys​ ​to​ ​a​ ​first​ ​home,​ ​a​ ​dream​ ​wedding,​ ​or​ ​the​ ​trip​ ​of​ ​a​ ​lifetime.

Fountain​​ ​is​ ​tackling​ ​an​ ​important​ ​problem​ ​that​ ​was​ ​addressed​ ​by​ ​the​ ​FCA​ ​in​ ​2016,​ ​where​ ​the​ ​UK regulator​ ​identified​ ​the​ ​need​ ​for​ ​personalised​ ​advice​ ​to​ ​encourage​ ​retail​ ​investors​ ​to​ ​invest​ ​into​ ​ISAs, LISAs​ ​and​ ​Pensions.​ ​The​ ​FCA​ ​has​ ​coined​ ​this​ ​term​ ​as​ ​the​ ​​“financial ​ ​ advice ​ ​ gap” ​ ​ ​and​ ​believes​ ​new technologies​ ​can​ ​solve​ ​this​ ​consumer​ ​challenge.

The​ ​investment​ ​round​ ​was​ ​led​ ​by​ ​Patrick​ ​Day,​ ​chairman​ ​of​ ​​ ​Day​ ​Cooper​ ​Day,​ ​a​ ​specialist​ ​pensions provider.​ ​Commenting​ ​on​ ​the​ ​seed​ ​round,​ ​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.”

Other​ ​investors​ ​included​ ​Charlotte​ ​Street​ ​Capital​ ​alongside​ ​an​ ​impressive​ ​lineup​ ​of​ ​angels​ ​with experiences​ ​from​ ​Goldman​ ​Sachs,​ ​Societe​ ​Generale,​ ​Citigroup​ ​and​ ​Deutsche​ ​Bank. The​ ​amount​ ​raised​ ​cannot​ ​be​ ​disclosed​ ​at​ ​this​ ​point​ ​in​ ​time.

Dann​ ​Bibas,​ ​co-founder,​ ​is​ ​excited​ ​about​ ​the​ ​road​ ​ahead​ ​and​ ​commented​ ​“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”.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.vasco.comvisit www.capgemini.com

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
11209 views comments | 32 tweets | 38 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
10328 views comments | 17 tweets | 18 linkedin
Wells Fargo to close 900 branchesWells Fargo to close 900 branches
9932 views comments | 14 tweets | 16 linkedin
KFC introduces Bitcoin BucketKFC introduces Bitcoin Bucket
9393 views comments | 18 tweets | 16 linkedin
FinTech Scotland appoints new CEOFinTech Scotland appoints new CEO
8478 views comments | 8 tweets | 6 linkedin

Featured job

London, UK (or flexible)

Find your next job