PlannerPal raises $6m to expand AI platform into mortgages
PlannerPal has secured $6 million in funding led by Ada Ventures to grow its AI workflow platform, which is used by over 250 UK financial advice firms, and expand into the mortgage sector.
PlannerPal has raised $6 million (£4.3 million) in a funding round led by existing investor Ada Ventures. The AI-powered workflow platform for financial advice and wealth management businesses will use the capital to scale its engineering team and accelerate its expansion into the UK mortgage market. A number of strategic fintech backers and angel investors also participated in the round.
PlannerPal is used by over 250 UK advice firms, including 20% of the country's top 20 wealth managers. Its customers, which include Canaccord Wealth, ValidPath and Amber River, support around £150 billion in client assets. The platform started by automating administrative tasks in financial advice, capturing client meetings, producing documentation, and updating adviser systems. It focuses on connecting information across client conversations, documents, and core systems to improve data quality.
Product and market expansion
PlannerPal recently entered the UK mortgage sector, signing Charles Cameron, one of the largest independent mortgage brokers in the UK. Mortgage providers face efficiency and compliance pressures similar to wealth management, with client details often scattered across calls, paperwork, and separate platforms. The sector also faces mounting demands to prove consistent and suitable advice across large client volumes. PlannerPal's tool records client meetings, generates documentation, and updates adviser platforms to link this fragmented data.
The platform's integrations with major industry systems underpin its expansion. PlannerPal integrates with Iress Xplan workflow via single sign-on and is the sole AI partner chosen for the 'Iress Partnership'. It also connects with Intelliflo, Curo, Plannr, Microsoft Teams, Zoom, and SharePoint. The system is designed to keep advisers in control of changes without compromising data security.
Use of funds and leadership view
The new capital will be allocated to scale engineering and product functions, help customers deploy the platform, and speed up work on client intelligence features. CEO and co-founder Mark Whitcroft highlighted the core challenge his platform addresses. "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," he said.
Adam Lovell, Investment Director at lead investor Mercia Ventures, pointed to a shift in how advice firms are adopting artificial intelligence. "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." PlannerPal's selection as the only AI partner in the Iress Partnership and its adoption by major wealth managers validate its position as a trusted operator. The company will use the funds to speed up work on client intelligence features.
