Wealthtech Firenze Signs Söderberg & Partners

Firenze Söderberg Partners have formed a strategic wealthtech partnership that will help Firenze grow in the European wealth management market. The deal lets both companies speed up digital innovation and better meet the changing needs of their financial advisory clients. By bringing Lombard lending to wealth managers, Firenze is opening up the benefits of private banking to mass affluent investors and those who choose not to work with private banks; enabling them to borrow against the value of their investment portfolios without selling assets, disrupting investment plans and triggering capital gains – all while continuing to make gains from investment returns.  Firenze’s platform offers loans from £65,000, secured against clients’ investment portfolios, increasing liquidity for other investments. And because borrowing is secured lending with highly liquid collateral, Lombard lending offers lower interest rates compared to typical unsecured loans and allows decisions to be made in hours rather than weeks or months. With the integration of Firenze, Söderberg and Partners advisers benefit from: 

• Increased focus and improvement of investment decisions and portfolio performance – keeping clients invested rather than selling assets
• Increased speed of investment for clients, retaining ongoing fee revenue
• Use of borrowing as a strategic toll for tax planning and optimal inheritance strategies
• Support clients with intelligent cash flow solutions, without sacrificing market exposure
• Differentiated from competitors – and competing against private banks

Söderberg and Partners Wealth Management has been expanding its presence across the UK, investing in independent financial advisers (IFAs),helping them grow, drive efficiencies and benefit from innovative, new propositions and solutions for clients. The Firenze Söderberg Partners collaboration is expected to push for cutting-edge digital tools for financial advisors and asset managers all over Europe. David Newman, CEO of Firenze, commented: “Soderberg & Partners are one of the most exciting players in the UK wealth management market today and it is a real pleasure to partner with Nick and his team. They have a really innovative platform, have acquired some incredible firms and it’s great for their advisors & clients to now be able to benefit from Lombard lending.” Nick Raine, CEO of Söderberg and Partners Wealth Management said: “We’re delighted to partner with Firenze. Being able to offer Lombard lending provides our advisers with another tool in their arsenal and a distinct advantage, strengthening their broader proposition, offering forward-thinking, new ways to invest and engage clients, as well as growing AUM and competing with the private banks.” Dave Ferguson, CEO of Seccl, whose technology powers the Söderberg platform said: “It's great to have a ringside seat on the innovations at play within the wealthtech sector. Propositions like Firenze's are helping to meaningfully improve the proposition that advice firms and platforms alike are able to provide, not to mention the experience that end investors receive." Continuing momentum The announcement comes after a successful period for the wealthtech, which has recently closed a £2.5m seed round, led by Outward VC – the backers of Curve, PrimaryBid and Vauban. It is already partnering with leading wealth managers, covering c.£75bn of assets under management (AUM) and recently announced a partnership with Monument Bank – the sole challenger focussed on the mass affluent - with a £160m funding line committed. Firenze is led by Firenze is led by fintech entrepreneur, Daid Newman, and has established a heavyweight Board, including Paul Pester as Chair (Virgin Money, Tandem Bank and TSB), Samantha Bamert (Barclays, Ask Inclusive Finance) and Mike Toole (Artorius, Baker Tilly, KPMG, Skipton). Firenze Söderberg Partners aim to change the way wealthtech is delivered by working together to come up with scalable solutions and new ideas that are specific to the industry.