FinPal has announced that it has welcomed investment from an industry group led by the managing director of financial planning service Fortuity Strategic Advisors, Matthew Fenning, along with financial adviser Sam Fenning, and industry veteran and former executive of financial group Shadforth David Pitcher.
FinPal CEO Stephen Handley said that the capital raise would help manage an uptake in demand for the fintech’s services.
“There’s a growing realisation in financial services that better technology is the only way to move to a more client-centric business model while simultaneously reducing the cost of doing business,” the CEO said.
“The interest in our solution has jumped significantly over the past few months, so we need to prepare for the inevitable tipping point.
“As well as the obvious financial benefit, the skills and experience this group brings to the table will play a crucial part in moving our business closer to its goals.”
Lead investor Matthew Fenning, who is also set to assume a seat on the fintech’s board, claimed that his decision to invest in FinPal was motivated by his interest in the software provider’s technological platform.
“Having explored many of the technology solutions available to advisers, I’m excited by how FinPal will add value to clients, advisers and licensees alike,” Mr Fenning said.
“With a Microsoft-driven CRM combined with their focus on a client-centric, goals-based advice model, I see a technology offering that is ready to move with an evolving advice industry and ultimately afford advisers more time to focus on seeing and servicing clients.”