Wealth Wizards seeks £30m funding and new investors
Wealth Wizards, the UK’s first online independent financial adviser, has embarked on a new investment round, which is understood to be its biggest to date as it looks to raise £30 million.
The company has not confirmed the anticipated funding figure but says it is holding “ongoing discussions with potential investors with a view to raising further growth capital to support the development of the company and broaden its investor base”.
The wealthtech continues: “The new funding round will accelerate the adoption of Wealth Wizards’ SaaS platform and AI capabilities to drive expansion within the financial advice, banking, insurance and employee benefits markets, and the development of further market changing products for the wider digital financial services market.”
Wealth Wizards was set up ten years ago and is backed by Liverpool Victoria (LV), one of the largest insurance companies in the UK. It says the new investors “may include both strategic and financial parties”.
The company says it was founded “with one aim: to make expert financial advice affordable and accessible to everyone”.
It specialises in robo-advisory and online retirement advice. Its flagship offering is the advice platform Turo, and most of its revenue comes from supplying this platform on a white-label basis to corporate customers. It also has its own digital financial adviser brand called MyEva.