New fintech firm raises £500k for advisory tool
Joining the board: Ian Steel
Visible Capital, a new Scottish fintech company founded by three Scottish tech veterans has secured £500,000 seed funding from TechStart Ventures and a group of eight private investors.
Preston Rabl, co-founder of the advertising and public relations giant WPP will join the board, while Ian Steel, former senior partner of Deloitte in Scotland and Northern Ireland, and Iain Mackay, an experienced director and NXD are joining the advisory board.
Launching in early 2020, Edinburgh-based Visible Capital, led by Richard Braidwood, Ross Laurie and Christian Burgin, has developed technology that will help clients of intermediaries, such as wealth managers, pension providers and IFAs provide their advisers with controlled access to their financial data.
The technology used across Visible Capital’s portfolio of wealth management products takes advantage of the opportunities opened up by PSD2 and Open Banking.
In the UK, c23 million adults are investing – either in ISAs or pensions.
Mark Hogarth, Partner at Techstart Ventures said “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.”
The business has already achieved its FCA approval and is ready to start doing business with potential clients, many of which are already at discussion stage.
Mr Braidwood 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. “