Profile Financial Solutions secures £1.3m to capitalise on Osborne’s ‘pensions revolution”
Smedvig Capital leads Series A round in London pension advisory service with plans to relocate and expand operations
Pensions advisory start-up Profile Financial Solutions has today announced a £1.3m Series A investment from venture firm Smedvig Capital; the investors behind Lovespace and Quill, to enable it to make the most of the chancellor’s upcoming plans for a ‘pensions revolution’.
Launched in June 2013, London-based Profile provides “affordable” independent financial advice to businesses and consumers through its team of FCA regulated advisors and currently manages over £125m of pension assets on behalf of its customers.
The round will be used to support its growth and expand its operations which will include a move to larger office, as well as development of its tech platform.
The business expects to see a major increase in its services in line with upcoming government measures to introduce wholesale changes to the pensions market in April 2015; giving people nearing retirement age freedom to spend their pensions pot as they please.
Profile CEO and managing director, Ian Floyed, who previously founded conveyancing company myhomemove, commented: “Consumers are currently under serviced by the traditional IFA market, meaning that millions are unable to receive independent advice.
“With major changes to pensions just around the corner, we’re looking forward to welcoming many more clients to Profile and helping make their money go further for them.”
Jordan Mayo, a managing director at Smedvig Capital, explained how this was the firm’s second investment in Profile founders Floyed and Steve Naylor:
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“As with their previous business myhomemove, they are using technology to transform a poorly served industry.
“By applying a proprietary process-led approach, Profile is able to provide the mass-market with affordable and genuinely independent financial advice which they have not had access to up until now”