Findawealthmanager.com, the UK “matchmaking” site for affluent individuals searching for a wealth manager, recently secured £500,000 from investors to launch in Singapore.
With the new investment, Findawealthmanager.com plans to target Asian wealth managers in Singapore, meet recruitment costs, increase marketing, and enhance user experience and services.
This is the site’s first round of external funding since launching in 2012.
The company has been profitable over the past three years, and has no debt.
Findawealthmanager.com co-founder and former private banker Dominic Gamble believes that Singapore is an ideal location to launch his site internationally: “Singapore and Hong Kong are widely expected to overtake Switzerland as the world’s leading jurisdictions for offshore wealth management and so setting up Findawealthmanager.com in Asia is a natural step.”
“As well as being a regional wealth management hub, Singapore is a centre for tech innovation, which has fed through to investing and private banking, where use of technology and apps is more widespread than in Europe.”
The site operates much like a dating site, where a proprietary algorithm matches investors with three wealth management firms, according to their needs and preferences.
Currently, the site employs 40 wealth managers from firms of all sizes, and the average investor has between £50,000 and £50m of investable wealth.
Gamble said: “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.
For more information, check out the Findawealthmanager.com site.