PlannerPal, an AI-powered workflow platform built for financial advice and wealth management businesses, has secured $6m (£4.3m) to expand its client intelligence technology across the UK advice market.
Mercia Ventures led the investment. Ada Ventures, which already backs the company and headed its pre-seed raise in February 2024, returned for this round. A number of strategic FinTech backers and angel investors also joined.
The company will put the new capital towards a fast scale-up of its engineering and product functions. It will also use the money to help customers deploy the platform and to speed up work on its client intelligence features.
The business recently entered the UK mortgage sector, signing Charles Cameron, which ranks among the largest independent mortgage brokers in the country. Mortgage providers share many of the efficiency and compliance pressures seen in wealth management. Their client details are often scattered across calls, paperwork and separate platforms, and they face mounting demands to prove consistent and suitable advice across large client volumes.
PlannerPal first set out to cut the paperwork tied to giving financial advice. Its tool records client meetings, generates documentation and updates the platforms advisers rely on daily. Firms now also use it to link data spread across client conversations, files and core systems, which improves the quality of client records so they can be used more widely within the business.
PlannerPal CEO and co-founder Mark Whitcroft said, “Financial advice firms are sitting on an extraordinary amount of valuable client information, but much of it is fragmented across conversations, documents and different systems. The first opportunity for AI was obvious: remove the manual work of capturing it.
“The bigger opportunity is making the client data firms already hold work better. We don’t believe the answer is another disconnected AI tool sitting outside the core systems of the business. A firm’s AI and client data strategy need to work together. We’ve been deliberately focused on the UK market and this funding lets us accelerate the pace of growth and deliver the same opportunity to the mortgage market.”
Mercia Ventures investment director Adam Lovell said, “Advice firms have spent the last two years experimenting with AI. Those now choosing a long-term AI partner want an experienced and trusted team, backed by technology that works with their existing systems and client data, not another standalone tool. We’re delighted to back PlannerPal as they build the client intelligence layer for UK financial advice.
“PlannerPal clients regularly refer to them as ‘partners’; sharing their vision but ultimately delivering on promises, taking away key pain points at a pace of growth aligned with each firm’s business strategy. This level of trust that PlannerPal can deliver, has accelerated an appetite to turn fragmented information into higher-quality client data, meaning that advice firms will soon be able to understand and serve their clients in ways that simply weren’t possible before.”
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