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Fountain Raises its first Seed Round
Fountain was launched only a few months ago by former Citigroup traders Dann Bibas and Nishil Parekh with a vision to digitize the advisory process and offer bespoke investment plans that revolve around people’s goals. They will use this seed round to invest in technology, growth and work towards their FCA license.
The idea came to life after various community events in cafes and co-working spaces about investing. Time and time again, people in their 20s and 30s reiterated that they wanted investment advice that would help them reach their goals: the keys to a first home, a dream wedding, or the trip of a lifetime.
Fountain is tackling an important problem that was addressed by the FCA in 2016, where the UK regulator identified the need for personalised advice to encourage retail investors to invest into ISAs, LISAs and Pensions. The FCA has coined this term as the “financial advice gap” and believes new technologies can solve this consumer challenge.
The investment round was led by Patrick Day, chairman of Day Cooper Day, a specialist pensions provider. Commenting on the seed round, Patrick Day said:
“Current financial advice offerings have struggled to keep pace with the rapidly changing needs of the smartphone generation. Fountain will bring a leap forward in the market.”
Other investors included Charlotte Street Capital alongside an impressive lineup of angels with experiences from Goldman Sachs, Societe Generale, Citigroup and Deutsche Bank.
The amount raised cannot be disclosed at this point in time.
Dann Bibas, co-founder, is excited about the road ahead and commented “The future looks very bright for Fountain, we’re simplifying investing at a time when the UK consumer is embracing new technologies to grow their hard earned money”.
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