Prosper raises £3.2m angel round to build the Wise of Wealth-Tech
Summary
Founded by Nick Perrett of digital bank Tandem, Ricky Knox of Tandem and Azimo, and Phil Bungey of Nutmeg, new wealth-tech platform Prosper plans to revolutionise how we save and invest.Like other fintechs have done in currency exchange and banking, Prosper is building a customer champion business, on a mission to maximise their members long-term wealth. It will do that by launching with the highest interest rates on cash, offering zero cost index funds* from major asset managers, and later opening access to private market investments that offer higher potential returns.Founders of Monzo, Capital One, World First, Tandem, Azimo, Embark, Comply Advantage, and Connect, MMC and Portfolio Ventures all contributed to Prospers \xa33.2m angel round, backing the company to shake up the way people manage their wealth.Most people are totally unaware of what they are paying to have their money managed, nor the fact that these costs can literally cut their future wealth in half, said Nick Perrett, founder and CEO of Prosper.Its probably the largest bill you have, but never see. We are excited to give more back to our members, helping them get more of the life they want.And its not just about costs, as Ricky Knox, Prospers co-founder and Chairman notes, its about access to the best returns, net of those charges. We want to give our members that access, levelling the playing field for the everyday consumer.Early investors in Prospers vision include Tom Blomfield, founder of Monzo which now has over \xa36bn in deposits and 7.4 million customers; and Matt Cooper, cofounder of Capital One Bank, one of the worlds first true fintech business which he helped grow to 2 million customers and \xa3275 million in revenue.Prospers founders prior experience lends itself to the challenge of building a wealth-tech:Nick Perrett and Ricky Knox, built digital bank Tandem together, now with over \xa32bn in assets under management, one of the leading purpose-driven fintechs in the UK, focused on green lending.Phil Bungey, former COO of Nutmeg, one of the most successful digital challengers in the British wealth management market, building a customer base of over 140,000 investors, and amassing over \xa33.5 billion of assets under management (AUM) before being bought by JP Morgan for \xa3700 million in 2021.With around 1 billion high net worth and mass-affluent investors worldwide getting a raw deal on the money theyve earned, Prosper will be on their side, a consumer champion business, helping realise the full potential of the largest financial asset they have.Prosper is now inviting the crowdfunding community to participate, offering Crowdcube investors a unique reward of lifetime zero-fees on investments made during the launch period, in addition to equity ownership in the company.When you invest your capital is at risk. Tax relief depends on your personal circumstances and current rules can change.Alternative and Private Markets disclosure.