A Scottish fintech startup founded by three tech veterans has secured £500,000 seed funding.
Edinburgh-based Visible Capital, which is due to launch in 2020, is led by Richard Braidwood, Ross Laurie and Christian Burgin. The firm aims to provide wealth managers, pension providers and IFAs with “controlled access” to their financial data.
This, the company said, enables intermediaries to receive faster, more informed advice and information on financial matters. Technology used across the firm’s wealth management products takes advantage of the growing opportunities brought about by PDS2 and Open Banking.
The funding, provided by Techstart Ventures and eight private investors, will enable the startup to hire additional staff and begin key talks with prospective clients, according to co-founder Richard Braidwood.
He said: “Seed funding has allowed us to hit the ground running, hiring critical staff members and allowing us to move directly to talks with key potential users.
“Having clear information benefits both adviser and consumer, and ultimately, contributes to both the quality of investment decisions and consumer trust in the adviser network. We are confident that the market is ready for, and indeed, has been waiting for the Visible Capital platform.”
As part of the funding deal, Preston Rabl, co-founder of advertising and PR firm WPP will join the board. Additionally, Iain Steel, former partner at Deloitte in Scotland and NI will join the company’s advisory board alongside Iain Mackay.
Mark Hogarth, partner at Techstart Ventures, commented: “We are delighted to back the team at Visible Capital as we believe they have identified a huge opportunity and their combined experience means they are uniquely placed to deliver on it.”
Visible Capital has already achieved FCA approval and said it is ready to begin working with potential clients – a host of which are already at the discussion stage.