UK fintech Timeline with the mission to help people face retirement with confidence has picked up $8 million (£6 million) Series A funding.
Investment details
The financing round was led by MTech Capital, a financial services focused venture capital firm with offices in London and Santa Monica. Other major participants in the round include leading global wealth management platform and existing investor, FNZ, and Darren Carter, Non-Executive Director at Peel Hunt.
Timeline will use the funds to accelerate the growth of its business and enhance its market-leading financial planning technology and model portfolio service for financial advisers. The capital from this financing will help the fintech secure a greater share of the market.
Abraham Okusanya, Founder and CEO, 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 centered around them.”
Appoints new board members
Besides the investment, MTech Capital’s partner, Kevin McLoughlin joined Timeline’s Board of Directors alongside an FNZ Group representative.
MTech Capital’s Co-Founder and Partner, Kevin McLoughlin, said: “Abraham is an exceptional entrepreneur with extensive experience in the IFA space. He has assembled a team with the skills and experience to deliver scalable technology and investment management solutions to an industry in need of modernisation. Advisers are looking for a single solution rather than having to cobble together various software packages. Abraham is solving a major problem in the IFA market.”
FNZ Group Chief Strategy Officer Din Mustaffa added: “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.”
Idea of award-winning author
Founded in 2018 by Abraham Okusanya,
an award-winning author of ‘Beyond The 4% Rule’, Timeline has developed an end-to-end financial planning platform for UK Independent Financial Advisers (IFAs). It includes modules for client fact find, risk profile, cashflow modelling, investment analytics and Betafolio, a suite of low-cost model portfolios used by firms and advisers.
Currently, Betafolio has over £900 million in assets under management. Also, Timeline is the only platform in the UK market to provide IFAs with a fully digital, end-to-end financial planning and model portfolio client solution.
As of now, Timeline has users in seven countries (including the US, UK, Canada, Australia, and Ireland).
What issue does Timeline tackle?
In the UK, there is an increasing demand for retirement financing options as there are over 14 million baby boomers (the number is even more in the US), who are approaching retirement.
In the face of changing pension regulations, there is increasing pressure from players such as Pensionbee.
This is where Timeline’s smart planning software delivers accurate projections and exceptional results. It places the clients’ assets with a cost-effective model portfolio service that will reduce the overall cost to the client whilst demonstrating excellent outcomes.
It shows clients their future with powerful visualisations of their financial future, which is calculated using reliable data, expertise, and advanced technology. Timeline’s approach lets users demonstrate suitability and sustainability and retain a full audit trail.
