Fuel Ventures Leads Investment in Prosper to Enhance Wealth Management

Fuel Ventures, a UK venture capital firm, announced its investment of £2 million in Prosper, a wealth management platform targeting high net worth individuals that is shaking up the way wealth is managed by unlocking access to private markets and leveraging AI.

The investment round which reportedly totaled £4 million was led by Fuel Ventures and is said to have included contributions from existing investors.

Fuel Ventures, one of the UK’s venture capital firms, announced its latest investment of £2 million in Prosper as lead investor in a £4 million round.

Prosper is a high-net-worth wealth management platform designed to maximize people’s “long term wealth” leveraging AI.

The platform, which has £200+ million in assets under administration, claims that it is at the forefront of transforming wealth management by combining tech with  financial insights.

With this investment, Prosper intends to scale its customer base, launch its private market investment offering and “build out its AI product.”

By leveraging AI, the platform aims to improve their customer experience and diversify “customer investments, leading to higher potential returns.”

This funding follows Prosper’s initial angel round, which saw support from an impressive roster of investors, including “founders of Monzo, Capital One, World First, Tandem, Azimo, Embark, Comply Advantage, as well as institutional angel investments from Silicon Valley firm Andreessen Horowitz (A16Z), Connect Ventures, MMC Ventures, and Portfolio Ventures.”

With the backing of  investors and a fintech team previously behind businesses such as Nutmeg and Tandem Bank, Prosper claims that it is poised to set a standard in high-net-worth wealth management.

Mark Pearson, Founder of Fuel Ventures, commented:

“Prosper stands out as a truly innovative player in the wealth management space. Their use of AI to provide tailored financial help for clients at scale addresses a significant market need. Nick, Ricky and the Prosper team are already making huge waves in the finance industry and we look forward to seeing how they continue to redefine how wealth management services are delivered in 2025.”

Ricky Knox, Chairman and Co-Founder of Prosper, said:

“We are thrilled to close our latest investment round and have the likes of Fuel Ventures join us on this journey to reshape wealth management. Their belief in our mission to revolutionise wealth management in favour of the customer is so important to us. With this investment, we’re excited to expand our AI-driven solutions to serve even more clients and deliver exceptional value.”

Nick Perrett, CEO and Co-Founder of Prosper, added:

“For far too long we have had a rough deal from wealth managers: high fees, or worse still hidden fees, companies that incentivise their people to sell products rather than giving us the help we need, and managing this entire process with painful PDFs and old fashioned technology. I founded Prosper because this simply isn’t good enough. It’s time for wealth management to be shaken up and brought into the 21st Century.”

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

They provide pensions, investments and savings that “have clear charges. And we keep them low.”

Their members benefit from “cash savings, zero fee access on 30 index funds from the world’s 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 they think represent great value.”

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

Prosper founder and CEO Nick Perrett and Chairman Ricky Knox have previously worked together building Tandem Bank.

The company is reportedly backed by the “founders of Monzo, Capital One and Admiral and other leaders in financial services.”

As mentioned in the announcement, Fuel Ventures is a UK venture capital fund specializing in “early stage high growth technology startup investments with disruptive and ambitious founders who strive to build global multi-billion dollar businesses.”

Fuel says that it provides entrepreneurs with expertise and insights in business development, marketing and brand-building “through its experience of building, scaling and exiting global companies.”

Since its inception in 2014, Fuel Ventures has invested over “£210 million into more than 170 UK companies.”

One of the first investors in companies “such as Volt valued at £256m (one of the fastest growing FinTech in Europe), ContentCal who were acquired for £110m by Adobe ($198b market cap), and Capdesk who were acquired for $88m by Carta ($8.5b market cap).”



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