Alongside this investment the company has also raised £100,000 from its founders.
Open Advice was founded by First Wealth directors Anthony Villis and Robert Caplan, along with brothers Charlton and Elliott Santana in November last year.
The hybrid advice firm plans to use the investment to build an ecosystem that allows clients to complete tasks in one place. This includes accessing financial plans and managing investments to opening an Isa and generating valuations and compliance reports.
The technology can also be white labelled to other advice firms.
The business also plans to build a client-facing app to automate some of the planning journey alongside data and algorithms to “suggest advice based on probability of outcome, removing bias and subjectivity”.
Open Advice plans to build its evidence-based model using data for modelling to help advise clients more effectively based on their life goals.
Founder Villis said the investment will help the firm onboard more clients and launch additional features to become a “market-leading” SaaS business for the financial advice profession.
He said: “I’m delighted to have Symvan on board. They are a team we know well and trust and have a proven track record for growing fintech startups. We have ambitious plans for scaling Open Advice and Symvan shares our vision.”
Michael Theodosiou, investment manager at Symvan Capital, said: "This is an area within fintech that we know very well, having invested in other wealthtech solutions and indeed engaging with wealth managers and financial advisers whose clients invest in our funds.
“Open Advice is tackling a longstanding issue in the industry, which is only becoming more pronounced in an increasingly volatile and uncertain economic climate. The team brings a huge amount of knowledge and experience to bear on the problem of addressing the advice gap, understanding it intimately and from a first-hand perspective.
“We have also been impressed with how quickly they have brought the concept through its early development and we are excited to support them in bringing their solution to the next stage and making professional financial advice more accessible to a wider audience.”
amy.austin@ft.com
