Wealth manager Sidekick gets richer with £8m injection

A wealth platform which targets professionals whose finances are becoming increasingly complex is raising nearly £8m from a syndicate of investors.

Sky News understands that Sidekick, which was founded in 2022, will announce on Friday that it has secured the backing in a Series A round led by Eos Ventures and the Development Bank of Wales. Sidekick is aimed at consumers whose financial needs have outgrown the services offered by entry-level investing apps but whose wealth is less than that demanded by full-service private banks.

The company's new funding round also includes participation from funders including Koro Capital, Seedcamp, MS&AD Ventures, TheVentureCity, PactVC, Blackwood, 1818 Venture Capital and Semantic Ventures. Sidekick's platform assembles features including long-term investing, personalised portfolios, access to private markets and so-called Lombard lending, which enables customers to borrow against their investment portfolios and which has traditionally only been available through mainstream private banks.

"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," said Matt Ford, founder and chief executive of Sidekick. "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." The company said the new funding will be used to grow Sidekick's team, accelerate product development and support continued customer growth. It intends to expand its operations in Cardiff, creating roles in areas such as customer service, compliance and operations.

"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," James Tootell, a partner at Eos Ventures, said. "Sidekick is applying the same modern, digital approach to wealth, delivering greater access, transparency and control to a segment that has traditionally been underserved.".