Saturn, a startup claiming to use AI to broaden access to wealth management and financial advice, has announced a $15m (£11.25m) Series A round.
Citing figures from the Financial Conduct Authority, the company said fewer than one in 10 people in the UK received financial advice last year, leaving millions of households without support.
The startup, founded in 2023, believes its technology that automates the time consumer administrative tasks of paraplanners can help.
“Behind every financial plan is a human story” said Amal Jolly, Saturn chief executive.
“Advisers and their teams quietly change lives, giving families confidence and peace of mind. Our job is to empower the humans in the financial advice process.
“By doing the heavy-admin-lifting and making compliance much more reliable and less painful, we can help financial advice professionals offer their life-changing services to more people at a significantly lower cost.”
The funding round was led by VC firm Singular, with participation from Shapers, Y Combinator and Zeno Ventures.
“We have rarely seen such an ambitious, high-velocity founding team that combines deep technical expertise with real industry insight,” said Jeremy Uzan, co-Founder and general partner at Singular.
“They have built an exceptional group around them that moves fast, executes with focus and attracts top talent – and their early traction already reflects their ambition. We are excited to partner with the team to build a category-defining company that transforms
wealth management.”
