Wealthtech Prosper Reports Surpassing £800,000 Funding Target via Crowdcube

Prosper, the savings and investments wealthtech founded by Nick Perrett and Ricky Knox, formerly of Tandem Bank, has reached its £800,000 Crowdcube target before launching to the public.

Nick Perrett, Prosper’s CEO said:

“We have been overwhelmed by the early show of support in the crowdfund. We know that businesses like ours can’t change the status quo without a community behind us. Challenger banks like Monzo and Revolut have shown that great returns for early investors are possible.”

The raise on Crowdcube is still open for overfunding.

Yesterday, Prosper launched its savings accounts, “opening up a choice of hundreds of high interest rate options across easy access, fixed rate and notice accounts from a wide range of banks.”

Their rate of 5.78% is reportedly the “highest interest rate available in the UK for a 365-day notice tracker.”

Nick Perrett, CEO said:

“Bringing your cash savings and your pensions together in one place can really help you understand what your money is doing. With the Prosper Savings Account, you can access new interest rates on cash all the time in the app and easily move your cash to take advantage. This is part of our core mission to make sure that people can maximise their potential wealth. We don’t charge for opening or managing your cash accounts. Instead we take a small percentage amount from the bank account provider.”

Prosper’s Founding Member offer “on pensions, ISAs and GIAs includes zero fee access on 30 index funds from the world’s leading asset managers, zero platform fees and zero transaction fees.”

Chairman and co-founder Ricky Knox surprised the Money 20/20 audience last week in Amsterdam by brandishing his old Aviva pension statement.

A piece of paper that prompted him “to start Prosper in 2022 with co-founders Nick Perrett and Phil Bungey, formerly COO at Nutmeg.”

He said:

“There is a new generation of wealthier Gen X’ers who are not OK with one piece of paper per annum telling me that I have 54k in my pension and if I just sit tight for twenty years that 54k will become … 49k. This is the reality of costs and fees over time on many, many peoples’ pensions.”

Ricky was discussing the future of wealthtech in “a panel with Joanne Phillips MD of Direct Wealth at Aviva and Mary Kemi A., Business Development Director, Lloyds Banking Group / Now You’re Talking Network chaired by Money 20/20 head of content, Ian Horne.”

Reflecting on the Money 20/20 experience this year Ricky had “one particular trend he was willing to bet will be top of mind for many fintechs this year:”

Hyperpersonalization “market of one” solutions are going to be extremely important “for the incumbents and challengers.”

That and proving AI use cases “around the delivery of helpful nudges to customers.”

As noted in the update, Prosper was founded “to maximize members’ potential wealth.”

They provide pensions, investments and savings that “have clear charges.”

And they keep them low.

Their members benefit from zero fee access “on 30 index funds from the world’s leading asset managers, zero platform fees and zero transaction fees.”

In the future, they will charge members “a fair platform fee and low, fair and transparent fees for any other investment products we think represent great value.”

The business will always be run “with a lean team so that they can pass on as much value as possible to their members.”

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