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Revolut of private banking: London fintech Fortu secures £500k in oversubscribed crowdfunding round

Image credits: Forto

London-based Fortu, a fintech startup is a digital investment and payments platform meant for high-net-worth individuals and their businesses. It provides users with a revolutionary all-in-one personal finance platform and a B2B BaaS (banking-as-a-service) solution for wealth managers and private banks. Now, the company announced that it has raised £500K in a crowdfunding round.

Surpasses crowdfunding target

In the latest crowdfunding round, Fortu surpassed its initial crowdfunding target by 215%. The oversubscribed crowdfunding round involves investors including CBH Private Bank and other senior executives from the financial services industry. The advisory board of this round includes Nektarios Liolios, the founder of Startupbootcamp Fintech, Vidur Varma, former executive of Citi Gold for 13 years and Suresh Vaghjiani, former CEO of Tribe payments and GPS.

Fortu will use the funding to support its strategic growth and gain traction even before it could raise Series A investment.

Fortu co-founder and CEO, Azamat Sultanov, said: “Our collective vision is that private banks will adapt to embrace e-wallets in the future, to allow customers to invest in alternative assets and make instant payments, ultimately providing a far superior private banking experience for all.”

Completely digital BaaS platform

Founded by Firdavs Shakhidi and Azamat Sultanov, Fortu is gearing up to bring innovation to the private banking sector. Its groundbreaking investment and payment solution is targeted at the millennial market and lets young investors manage all aspects of their finances in a single place. Notably, this is an important aspect that attracts millennials and is estimated to reach a whopping £51T by 2030.

Fortu provides its users with access to a secure electronic money account and its proprietary mobile application as well as web platform. The company also provides them with instant global payments and transfers in any currency, an on-hand team with 24/7 assistance and support, and access to a range of unique investment opportunities. Besides these, the fintech is also building a sleek product, which will save its clients a significant time and effort.

Furthermore, the company will offer a completely digital BaaS platform for third-party financial institutions. It lets them utilise Fortu’s industry expertise in rolling out their own branded investment or payments platform. Here, the payment process is all set to be automated with access to an API-driven compliance monitoring tool. The pilot customer for the SaaS product will be Swiss Banking Group.

Fortu recognised a gap for a truly modern private banking platform in the market. The company’s team has a wealth of experience as it works with brands including American Express and Northern Trust.