London, May 2024 – A new WealthTech platform, Prosper, has emerged in the financial market, offering an innovative and alternative approach to saving and investing. Founded by Nick Perrett, co-founder of digital bank Tandem, Ricky Knox, co-founder of Tandem and Azimo, and Phil Bungey, former COO of Nutmeg, Prosper aims to revolutionize the way people manage their wealth.
While other FinTech companies have transformed payment systems, currency exchanges, and banking, Prosper stands out by focusing on maximizing the long-term wealth of its customers. The platform is now offering the highest interest rates in the UK for some cash savings products and zero-cost index funds from major asset managers. Since launching individual savings accounts (ISAs), general investment accounts (GIAs), and self-invested personal pensions (SIPPs), Prosper has seen an average initial transfer of £90,000 per account from over 700 active app users. The platform is targeting mass affluent and high net worth investors, providing an alternative to the high costs and fees of traditional wealth management.
Prosper has received support from prominent figures in the financial industry, including founders of Monzo, Capital One, World First, Tandem, Azimo, Embark, Comply Advantage, and Connect, as well as MMC and Portfolio Ventures. These investors contributed to Prosper’s initial angel round, backing the company to disrupt the current wealth management landscape.
To further its mission, Prosper is now raising additional crowdfunding to add to its recent angel and Andreesen Horowitz raise, bringing its total invested capital to £4 million.
According to Nick Perrett, Prosper’s founder and CEO, the response to the platform has been overwhelmingly positive. “In the last couple of months, since testing our zero fees offer and launching high-interest cash products, we have seen a growing awareness among people about the high costs they pay to have their money managed. We are determined to change that for millions of people,” he said.
Ricky Knox, co-founder and Chairman of Prosper, also points out the importance of access to high returns, net of charges. “The investment universe has evolved, but the products available to most people have not. We want to level the playing field for everyone by providing our members with access to potentially higher-yielding private investment opportunities,” he said.
Early supporters of Prosper’s vision include Tom Blomfield, founder of Monzo, which now has over £6 billion in deposits and 7.4 million customers, and Matt Cooper, founder of Capital One Bank, one of the world’s first true FinTech businesses. Blomfield and Cooper have helped grow their respective companies to millions of customers and hundreds of millions in revenue.
The founders of Prosper have a proven track record in the FinTech industry, with Nick Perrett and Ricky Knox previously working together to build digital bank Tandem, which now has over £3 billion in deposits and is one of the leading purpose-driven FinTechs in the UK. Phil Bungey, former COO of Nutmeg, has also contributed his wealth management expertise, having successfully built a customer base of over 140,000 investors and amassed over £3.5 billion in assets under management (AUM) before the company was acquired by JP Morgan for £700 million in 2021.
With around 14 million mass affluent and high net worth individuals in the UK receiving a “raw deal” on their hard-earned money, Prosper aims to be a customer champion business, helping its members realize the full potential of their largest financial asset.
About Prosper
Prosper is a WealthTech platform founded to maximize the potential wealth of its members. The platform offers pensions, investments, and savings with clear and low charges. Its members benefit from zero-fee access to 30 index funds from the world’s leading asset managers, zero platform fees, and zero transaction fees. In the future, Prosper plans to charge a fair platform fee and transparent fees for other investment products that represent great value.
The company is backed by the founders of Monzo, Capital One, and Admiral, as well as other leaders in the financial services industry. Prosper Savings Limited is authorized and regulated by the Financial Conduct Authority, with registration number 991710, and registered in England and Wales under company number 11923629. Its registered office is located at 85 First Floor, Great Portland Street, London, W1W 7LT.
For press inquiries, please contact:
Website: prosper.co.uk
Email: press@prosper.co.uk
Hattie Moll
07717501626
Distributed by https://pressat.co.uk/
