Incubator Puts US $3 Million into Mymoneyadviser.com
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[London, ENGLAND] U.K. financial services incubator Birchin Ventures announced Friday an investment of nearly US $3 million in Mymoneyadviser.com, a company that plans to offer Web services to independent financial advisers (IFAs).
In return for its investment, Birchin is taking a 30 percent stake in the business. It will make the finance available in four tranches of half-million pounds sterling.
Founded in January 2000, Mymoneyadviser.com -- which goes live on the Web on October 1 -- is being designed to allow IFAs set up bespoke Web sites with financial information and products branded specially for them.
The chairman of Mymoneyadviser.com is Ann Marie Martyn, who was formerly chief executive of IFA Promotion, the body that represents IFAs in the U.K.
"Our investment in Mymoneyadviser.com is a further step in establishing a broad, financial services based portfolio of companies able to capitalize on the opportunities afforded by the Internet and the rapid changes in technology," said Gardner.
Mitchell Philpott, director of Quay New Media which is providing the Web site for the project, explained that there are 10,500 IFAs, all of whom will be given a free Web page and directory listing.
"IFAs who wish to upgrade their listing to offer e-commerce services direct from their pages will pay a monthly charge of between 100 and 300 pounds," said Philpott.
During September, Mymoneyadviser.com will be promoting the service to IFAs prior to the official launch.
And yes, the alternative spelling, Mymoneyadvisor.com (with an "o"), has been registered by the firm.