London based investment house, Smedvig Capital, has completed an initial £1.3m Series A investment in Profile Financial Solutions, a rapidly growing and high-tech financial advisory firm.
The investment will enable Profile, which offers affordable independent financial advice to the mass market, to advance its technology-led service and consolidate its position as one of the UK’s leading pension advisors.
The funding from Smedvig will also support the expansion of Profile’s operations, including a move to a larger office to accommodate its growing team.
Ian Floyed, managing director at Profile Financial Solutions, said:
“Consumers are currently under serviced by the traditional IFA market, meaning that millions are unable to receive independent advice.
“We hope that by combining accessible technology with great customer service we can fix this problem.
“The investment from Smedvig will enable us to improve our digital capability and fund our expansion to meet the increasing demand for our services.
“With major changes to pensions just around the corner, we’re looking forward to welcoming many more clients to Profile and helping make their money go further for them.”
Founded in June 2013 by a team headed up by former myhomemove founder Floyed Profile has already grown to a level where it has over £125m of pension assets on behalf of its customers.
And it has developed a proprietary technology-based, process driven model, allowing its team of Financial Conduct Authority regulated advisors to provide high quality, independent and personal financial advice.
Jordan Mayo, a managing director at Smedvig Capital, said:
“We are delighted to be backing Ian and Steve for a second time. As with their previous business myhomemove, they are using technology to transform a poorly served industry.
“Profile is only 18 months old and is already growing rapidly with more than £125m assets under management.
“By applying a proprietary process-led approach, Profile is able to provide the mass-market with affordable and genuinely independent financial advice which they have not had access to up until now”
The market opportunity for independent financial advisory firms such as Profile was recently boosted by an announcement from Chancellor George Osborne that the government plans to introduce wholesale changes to the pensions market later in 2015.