Fintuity raised the funds to further developer its UK technical platform to offer practical AI-driven advice through its Virtual Adviser.

The Virtual Adviser, currently in development, will match the client circumstances with bespoke financial products and a roadmap strategy to help optimise their portfolio.

The funds were raised through a number of investment rounds.

The firm said its sees the funding and its associated planned technological developments as “a major step forward in tackling the UK’s growing advice gap.”

Ed Downpatrick, strategy director at Fintuity, said the funding will allow Fintuity to “further deliver real-time advice to those that need it the most.”

He said: "Given the current climate, we are delighted that this funding has been awarded and would like to thank our investors – we see it as an integral part of our platform development to deliver the advice that is s sorely needed during this difficult time in and in the coming months will be used to further develop the Fintuity platform to deliver the right advice to our growing number of clients."

He added that using a digital platform also mitigates the health risk of meeting financial advisers face to face.