Adviser tech start-up Advicefront has closed a £1.3 million funding round, led by platform tech provider FNZ and some prominent IFAs.
While the majority of the funds came from FNZ taking a £1 million minority stake in Advicefront late last year, the remaining £300,000 comes from a raft of new angel investors.
These included Serentiy Financial Planning's Tina Weeks, Maseco Private Wealth partner Josh Matthews, and Meta Finance founder Ben Leonard.
Other luminaries of the profession with a stake in the firm include personal finance expert and former Bloomsbury Wealth principal Jason Butler, Tilney Investment director Charles McKinnon and FP Advance director Brett Davidson.
Advicefront intends to use the funds to launch a trio of online advice tools onto the UK market, which it hopes will help financial planners 'eradicate bureaucracy, complexity and paperwork' from their businesses.
The first of these, Onboard, is already available and designed to speed up and automate the client onboarding process. Two further launches are scheduled by this autumn.
Advicefront chief executive José Supico said: 'The aim of these products will be to help financial planners automate tasks that are boring and add little value so they can concentrate on nurturing relationships with clients.
'This is a huge milestone in our business and it brings us one step closer to delivering lasting improvements to the way consumers think about and manage their money.'
FNZ chief executive Adrian Durham added: 'We’re really excited about the potential for Advicefront’s technology to help ambitious financial services firms serve more clients, in a cost-effective way, while retaining the all-important human touch that customers want.'