Angel investors have directed £500,000 into findawealthmanager.com, an online "dating" service for wealth management, to drive its development and international expansion.

Findawealthmanager.com, which matches investors and advisors in the wealth management industry, has secured £500,000 (around $739,000) from angel investors to fund its ongoing development and launch in Singapore.

The investment, which comes from a small group of private backers, marks the business' first round of external funding since its launch in 2012.

Part of the funding will see findawealthmanager.com, which already enjoys users in Singapore, become operational in the Asian wealth management hub. The remainder will be directed towards recruitment costs, enhancements to the service and user experience, and increased marketing.

“Singapore and Hong Kong are widely expected to overtake Switzerland as the world’s leading jurisdictions for offshore wealth management and so setting up findawealthmanager.com in Asia is a natural step,” said co-founder of findawealthmanager.com Dominic Gamble, who will be running the Asian business from Singapore.

“As well as being a regional wealth management hub, Singapore is a centre for tech innovation, which has fed through to investing and private banking, where use of technology and apps is more widespread than in Europe.”

The business caters to individuals with £50,000 and above in investible assets. Over the past year, it has referred clients with over £250 million of investible assets to wealth managers and now has almost 40 wealth managers on its panel.

The service is built on an algorithm that matches investors with wealth management firms according to their needs and preferences, and the services and specialisms of the wealth managers.

Findawealthmanager.com was founded by former private banker Gamble along with Lee Goggin, who had spent 25 years in investment banking. It was set up as an alternative to the traditionally hit-or-miss process for the affluent in their quest for a suitable wealth manager.

“There are plenty of great wealth managers out there, but it can be difficult to find them on your own,” said co-founder Goggin.

“Our service is revolutionising the way high net worth individuals find the best-matched institutions for their needs – forming an important part of the increasing digitisation and embracing of technology in what is often thought of as a very traditional relationship business," he said.