UK-based fintech Sidekick has raised £7.8m in Series A funding, with the platform aiming to expand access to investment products traditionally only offered by private banks.

The wealth platform has been designed for professionals whose finances were becoming more complex as their incomes and assets rose.

It stated that the funding will be used to scale its investing products and make sophisticated investment tools more accessible outside of traditional private banks.

The funding round was led by Eos Ventures and the Development Bank of Wales, with additional participants including Koro Capital and existing investors Seedcamp, MS&AD Ventures, TheVentureCity, PactVC, Blackwood, 1818 Venture Capital, and Semantic Ventures.

Sidekick was founded in 2022 with the aim of modernising wealth management for those with financial needs that have outgrown entry-level investment apps.

The platform looks to offer a more accessible and transparent platform than private banks for those managing larger balances and long-term investments.

Bringing together long-term investing, personalised portfolios, private markets, and Lombard lending, Sidekick is aimed at people whose finances have become more complex.

Its offering includes managed portfolios such as the All Weather strategy, designed to help manage risk across different market conditions.

The platform also offers cash solutions for those managing larger balances, with products such as Multi Shield Savings enabling users to spread cash across multiple partner banks within a single account.

Sidekick supports more than £145m in total assets across its customer base.

The funding will also be used to grow Sidekick’s team, accelerate product development and support continued customer growth, with the company set to build out its operations in Cardiff.

“A lot of hardworking professionals look like they’re doing well on paper, but still feel unsure whether they’re actually making the most of their money,” commented Sidekick founder and CEO, Matt Ford.

“They’ve outgrown entry-level investing tools, yet traditional wealth management often feels overcomplicated and expensive for what it delivers.

“Sidekick is designed to remove unnecessary complexity and give people access to investment tools that have traditionally sat inside private banking.

“This funding allows us to scale that approach, expand our investment offering and reach more people who want transparency rather than complexity.”

Eos Ventures partner, James Tootell, added: “Over the last decade technology has transformed financial services - from trading and everyday banking to credit and insurance - yet private banking has largely been left behind.

“Sidekick is applying the same modern, digital approach to wealth, delivering greater access, transparency and control to a segment that has traditionally been underserved.”

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