Fresh from graduating from fintech accelerator program Startupbootcamp London 2015, Obsidian Solutions has announced the closing of a $500,000 seed funding round. At Startupbootcamp, Obsidian was one of several firms at the program creating products that focused on fund managers and financial advisors.
Obsidian’s flagship solution is FundBinder, with a focus on asset managers such as hedge funds, managed accounts, family offices and mutual funds. The product is both a front and back end solution to help firms digitalize their operations. Included is a client portal for customers to review and analyze their portfolios, post-trade data management, trade reporting and investor relations features.
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Compared to other segments of finance such as online trading and banking, of which there is a constant stream of new products being introduced by both startups and larger global players, the asset management sector has been one of the slower adopters of digital solutions. As such, Obsidian is one of a growing breed of fintech firms targeting this sector with solutions to help them both better support customers as well as perform back office processes.
Commenting on the funding, Lazar Radenovic, co-founder of Obsidian, stated: “We are excited to have the support of a great mix of experienced institutional and private investors in London who understand the forward momentum of FinTech and its growth potential in the asset management space. The funding will allow us to continue expanding our product offering to meet the ever changing needs of our industry”.