London-based PlannerPal, an AI workflow for financial advice and wealth management firms, has raised $6 million (£4.3 million) in a round led by Mercia Ventures. Existing investor Ada Ventures, which led PlannerPal’s pre-Seed round in February 2024, is also taking part, alongside a group of strategic fintech investors and angels.
The Round
The funding follows rapid enterprise growth: PlannerPal is now used by over 250 UK advice firms, including 20% of the UK’s top 20 wealth managers, supporting firms responsible for around £150 billion of client assets. Customers include Canaccord Wealth, ValidPath, and Amber River.
The new capital will fund rapid expansion of PlannerPal’s engineering and product teams, support customer rollout, and accelerate development of its client intelligence capabilities.
Mark Whitcroft, CEO and co-founder of PlannerPal, explained the strategy behind the raise: “Financial advice firms are sitting on an extraordinary amount of valuable client information, but much of it is fragmented across conversations, documents and different systems. The first opportunity for AI was obvious: remove the manual work of capturing it. The bigger opportunity is making the client data firms already hold work better. We don’t believe the answer is another disconnected AI tool sitting outside the core systems of the business. A firm’s AI and client data strategy need to work together. We’ve been deliberately focused on the UK market and this funding lets us accelerate the pace of growth and deliver the same opportunity to the mortgage market.”
Adam Lovell, Investment Director at Mercia Ventures, added: “Advice firms have spent the last two years experimenting with AI. Those now choosing a long-term AI partner want an experienced and trusted team, backed by technology that works with their existing systems and client data, not another standalone tool. We’re delighted to back PlannerPal as they build the client intelligence layer for UK financial advice. PlannerPal clients regularly refer to them as ‘partners’; sharing their vision but ultimately delivering on promises, taking away key pain points at a pace of growth aligned with each firm’s business strategy. This level of trust that PlannerPal can deliver has accelerated an appetite to turn fragmented information into higher-quality client data, meaning that advice firms will soon be able to understand and serve their clients in ways that simply weren’t possible before.”
From Admin to Client Intelligence
PlannerPal started by removing the administration burden surrounding financial advice: capturing client meetings, producing documentation, and updating the systems advisers use every day. Its growth has come as advice firms use the platform to connect information held across client conversations, documents, and core systems, improving the quality of client data that can be used more effectively across their business — all while keeping advisers firmly in control of every change and without compromising data security.
The company’s focus is now on unlocking even more value from that data. Its partnership with Iress reflects this direction: PlannerPal is the only AI partner chosen for the Iress Partnership and is built into Xplan workflow, with advisers able to launch it directly from Xplan using single sign-on. PlannerPal also integrates with Intelliflo, Curo, Plannr, Microsoft Teams, Zoom, and SharePoint.
Expanding into Mortgages
PlannerPal has recently moved beyond wealth management into the UK mortgage market, with new client Charles Cameron, one of the UK’s largest independent mortgage brokers. Mortgage firms face many of the same productivity and compliance challenges as wealth firms, with client information spread across conversations, documents, and systems, and growing pressure to show consistency and suitability at scale.
The company says it’s changing the economics of financial advice, enabling advisers to serve significantly more clients while delivering a more personalised and proactive service.
About Mercia Ventures
Mercia Ventures is a proactive venture capital investor focused on being the first-choice partner for growth, making equity investments across all sectors with specialisms in software, consumer, healthcare, and deep tech. It’s part of Mercia Asset Management PLC, with 11 offices across the UK and a 48-strong investment team.
