Timeline has raised £6m ($7.88m, €7.19m) during a Series A funding round to finance its “rapid” business growth and boost its financial planning technology and model portfolio service for advisers.
The round was led by financial services venture capital firm MTech Capital. Other major participants in the financing included global wealth management platform FNZ and Darren Carter, non-executive director at Peel Hunt.
MTech Capital’s partner, Kevin McLoughlin, will join Timeline’s board of directors alongside an FNZ Group representative.
Founded in 2018 by Abraham Okusanya, Timeline has developed an end-to-end financial planning platform for UK IFAs.
This includes modules for client fact find, risk profile, cashflow modelling, investment analytics and Betafolio – a range model portfolios used by firms and advisers with currently over £900m in assets under management.
Okusanya said: “Timeline is on a mission to help 10 million people face their financial future and retirement with confidence by rebuilding the operating system for professional financial advice.
“We believe financial advisers will always play a critical role in ensuring people are making the right financial decisions for their future.
“With the right technology, they make a real difference for their clients and that’s why we’ve designed an operating system centred around them. The capital from this financing will enable us to accelerate our growth and secure a greater share of the market.”
Din Mustaffa, FNZ Group chief strategy officer, added: “As members of our App Store ecosystem, we are delighted to see the progress made by both Timeline and their discretionary fund management brand Betafolio over the last 18 months, with more expected to come over the next year.
“With only 7% of people in the UK accessing financial advice, Timeline helps advisers bridge the advisory gap with state-of-the-art technology and timely data. Timeline’s focus on lowering the cost of advice and investment is both noble and well aligned to FNZ’s mission of opening up wealth and making wealth management more accessible to more people.”