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Vouchedfor raises £3.5m in fundraising exercise

Vouchedfor raises £3.5m in fundraising exercise

Adviser reviews website Vouchedfor has raised £3.5m in a fundraising exercise, which will be used to invest in its technology and marketing platform.

Vouchedfor said the investment will help consumers get advice from the best financial and legal professionals. The fund raising was led by Octopus Investments and supported by Samos Investments.

The website was founded in 2012 and uses over 35,000 vetted client reviews and a large amount of consumer data to match consumers with the ideal financial or legal professional.

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It has achieved year-on-year revenue growth of 350 per cent and recently expanded its presence for independent financial advisers and mortgage advisers to solicitors.

Adam Price, chief executive of Vouchedfor, said that the brand’s development had reached a pivotal point.

“The cash injection of £3.5m will enable Vouchedfor to build a reputation economy and ultimately help bring us closer to our ambition of becoming the number one destination to find trustworthy, well recommended professional advisers - no matter what an individual’s circumstance.”

He added that the investment will allow the website to help millions more consumers benefit from the advice of the UK’s best solicitors, accountants and financial advisers.

Last week, FTAdviser sister publication Financial Adviser revealed that Vouchedfor had come under fire for charging a financial adviser £82 for a client introduction despite his profile stating he was not able to carry out pension transfers.

James Glasheen, adviser for West Yorkshire-based Sheards Wealth Management, claimed Vouchedfor sent him an enquiry from a person who asked if he had a G60 licence – a requirement to facilitate a transfer out of a final salary pension scheme.

ruth.gillbe@ft.com