Sidekick, a UK-based wealth management startup, has raised £3.3m in pre-seed funding ahead of its launch next year.
According to a report from Finextra, the funding round was led by Octopus Ventures.
The round also saw participation from Seedcamp and Semantic, is being used to build out the app-based product, expand the in-house asset management team, and secure the required regulatory permissions and registrations.
The company was co-founded by serial entrepreneur Matthew Ford (CEO) and Peter Townsend (CTO).
Ford previously founded the mobile banking platform Pariti, where Townsend was CTO, which was sold to Tandem Bank in 2018. They’re joined at Sidekick by a wider founding team from traditional asset management, consumer credit and FinTech backgrounds.
Sidekick is on a mission to close the generational wealth gap by offering products and services typically reserved for only high-net-worth individuals.
This includes access to alternative investments, such as crypto, and the ability to borrow against these investment portfolios.
Ford said, “Most retail investors have two options to build wealth: settle for passive portfolios or try to time the market and pick stocks and crypto themselves without access to the training, tools and information needed to do this effectively.
“This funding will allow us to build a modern app-based investment service that gives customers the same professional expertise that only high-net-worth individuals are used to. We’ve already got a stellar team in place, and we’re now excited to be working towards regulatory approval to launch over the coming months.”
Alongside the funding, Siddekick has applied to the FCA for authorisation and expects to launch in 2023.
London-based FinTech startup that helps firms in the private equity and financial services industries digitise complex accounting LemonEdge landed $2.5m in new capital last year.
The oversubscribed round was led by Sidekick Partners and joined by founder of Parse and Scribd Tikhon Bernstam as well as founder of Investra Lauren Iaslovits.
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