findaWEALTHMANAGER.com, an online ‘dating’ service that matches affluent individuals with wealth managers, has secured GBP500,000 from angel investors to finance its development and business expansion.
The funding comes from a small group of private backers, one of whom was a user of findaWEALTHMANAGER.com who recognised the growth potential of the business after being successfully matched with a wealth manager.
The investment represents findaWEALTHMANAGER.com’s first external funding round since launch in 2012. The business has been cash-generative throughout this period, is profitable and has no debt.
The new investment will be used to meet recruitment costs, for enhancements to the service and user experience, increased marketing and for launching findaWEALTHMANAGER.com in the thriving Asian wealth management hub of Singapore.
The business was founded by Dominic Gamble, a former private banker, and Lee Goggin, who spent 25 years in investment banking prior to launching findaWEALTHMANAGER.com.
Dominic Gamble, co-founder of findaWEALTHMANAGER.com, says: “We launched the business because we saw that wealthy individuals were increasingly looking online for information about how to choose the best wealth manager for their needs. We realised there was lack of useful guidance to help them do this and so the idea for a matching service was born.
“We are very excited that, three years on, our service has resonated so strongly with a group of individuals – including a user of findaWEALTHMANAGER.com – that they have backed us with their personal wealth to build the business in core markets.
“We now have almost 40 wealth managers on our panel, from the largest, best-known and most prestigious names in the sector, to smaller and niche providers catering to ultra-high net worth individuals or investors with specialist needs. We have already helped more than 1,000 investors find the right wealth manager for their profile.”
At the heart of findaWEALTHMANAGER.com is a proprietary algorithm that matches investors with wealth management firms according to their needs and preferences, and the services and specialisms of the wealth managers. Based on analysis of user information, the algorithm selects a maximum of three best-matched wealth managers, who will then contact the prospective client and provide a free, no-obligation consultation on their investment management/financial planning needs.
Co-founder Lee Goggin, says: “There are plenty of great wealth managers out there, but it can be difficult to find them on your own. 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 in what is often thought of as a very traditional relationship business.”
