The advice disruptor confirmed the capital raise closed on 31 October and was funded by institutional and private investors, as well as aligned and independent financial advisers.
Asendium chief executive Scott Miller said the funds will be used to grow technical capability, product development and integrations.
“As a result of the capital that was secured in recent months, we have been able to accelerate Asendium’s integrations with key complementary technologies that will help financial planners create advice more efficiently,” Mr Miller said.
“Financial planners have been calling for a solution that directly targets the end-to-end advice creation process. This is evident in their investment and involvement to build out Asendium’s reach and technology.”
Some of the capital raise participants included fund manager Holon Global Investments and Forbes Fava Financial Planning’s Cameron Forbes, who has been an adviser for 15 years.
“I wanted to invest in this to be part of the solution for the financial planning industry,” he said.
“I saw this as a way to contribute for the next generation. The ability for Asendium to be configurable for each individual adviser and client is unique.”
