Unbiased secures £5.6m funding to help drive ‘rapid growth’

Financial Services | Growth | South East
Karen Barrett. Founder and CEO of Unbiased.
Karen Barrett. Founder and CEO of Unbiased.

Online financial connections service Unbiased has won £5.6m of funding to help it push ahead with ambitious growth plans.

Funds advised by YFM Equity Partners have agreed the investment into Unbiased to support the continued growth of the team and its financial advice marketplace.

Unbiased is the leading online platform for connecting millions of people to the trusted financial specialists across financial adviser, mortgage broker and accountancy markets.

It partners with professional advisory firms offering a range of tools to help them acquire, track and manage their new business pipeline.

The service is free for consumers and offers the widest choice of advisers in the UK, using smart technology to identify the best available expert for their needs, helping its users make confident and knowledgeable financial decisions.

Consumers are commonly confused by constantly changing financial regulations, are worried about fraud and scams, or are unclear on costs and when making big financial decisions. However, Unbiased’s smart search, information and tools enable users to select the most appropriate qualified and regulated adviser.

The London-based business employs 46 staff and has recently seen rapid growth, with over 27,000 professionals on the platform who between them manage over £14bn in assets.

YFM’s investment will be used to support the continued growth of the business as it scales to meet the current market opportunity, with Unbiased expanding its team in the UK and overseas as well as investing in product development and increasing brand presence. These newly-created roles will enable the business to continue to further develop its market-leading proposition and to grow its customer base.

Founder and CEO Karen Barrett said: “It’s fantastic to have the support of YFM as we look to grow the company and scale Unbiased’s technology.

“I could not be more excited about the opportunities ahead and to have found an investor that understands and shares this vision.

“This round of funding comes at a time of rapid growth, with the Unbiased service becoming increasingly popular as a way for professional advisers to grow their own businesses.

“We’re now able to capitalise on the huge opportunity that lies ahead and bring the expertise of those on our platform to more consumers.

“The financial advice market is fragmented and needs to evolve, so we’re building Unbiased to be the brand of choice when looking for a financial adviser.

“With our unique matching technology, we’re putting trust, transparency, and convenience at the heart of the consumer experience.”

YFM’s investment comes from its two advised VCTs, British Smaller Companies VCT plc and British Smaller Companies VCT2 plc, alongside YFM Equity Partners Growth II LP.

Andy Thomas and Helen Villiers led the investment for YFM.

Andy Thomas said: “We quickly saw the value that Unbiased delivers to consumers and professional network alike; streamlining the decision-making process.

“Unbiased is exactly the type of high-growth business we want to support and fundraising at this time makes perfect sense.

“Karen has built a strong team around her and we are excited about the future growth this capital will allow. We have been hugely impressed with the team’s ambition and vision, as well as the culture the business has created.”

Financial and commercial due diligence were provided by Whitecap Consulting, legal advice to YFM by Pannone Corporate LLP, organisational review by Anna Cornwallis of Stratton HR and technical due diligence by Turous Ltd. Legal advice to Unbiased was provided by Katie Cotton of Orrick Herrington and Sutcliffe LLP.

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