Prosper, a new WealthTech platform founded by Nick Perrett, Ricky Knox, and Phil Bungey, is offering an alternative to traditional methods of saving and investing. The platform, which was launched in May 2024, aims to be a customer champion business that maximizes long-term wealth for its users.
“We wanted to offer something different from other FinTech companies,” said Nick Perrett, founder and CEO of Prosper. “While many have focused on transforming payments, currency exchange, and banking, we saw an opportunity to help people with their long-term financial goals.”
Prosper offers the highest interest rates available in the UK on some cash savings products and zero-cost index funds from major asset managers. The platform also offers ISAs, GIAs, and SIPPs to its early adopters, with an average initial transfer of around £90,000 per account from over 700 active app users. Prosper is targeting mass affluent and high net worth investors who are looking for alternatives to the high costs and fees associated with legacy wealth management.
The company has already received support from a number of prominent investors, including founders of Monzo, Capital One, World First, Tandem, Azimo, Embark, Comply Advantage, and Connect, MMC, and Portfolio Ventures. Prosper has also raised £4 million in initial angel funding and an additional round of funding from Andreessen Horowitz.
“We are excited about the potential of Prosper to shake up the way people manage their wealth,” said Ricky Knox, co-founder, and Chairman of Prosper. “We believe that everyone should have access to the best returns, regardless of their wealth.”
The founders of Prosper have a strong track record in the FinTech industry. Nick Perrett and Ricky Knox previously worked together at 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, helped build the company into one of the most successful digital challengers in the wealth management market, with over 140,000 investors and £3.5 billion in assets under management before being acquired by JP Morgan in 2021.
“With around 14 million mass affluent and high net worth people in the UK getting a raw deal on their money, we saw an opportunity to be on their side and help them realize the full potential of their financial assets,” said Phil Bungey.
Prosper aims to provide pensions, investments, and savings with clear, low-cost fees for its members. The company currently offers zero fees on 30 index funds from the world’s leading asset managers, as well as zero platform fees and transaction fees. In the future, Prosper plans to charge a fair platform fee and low, transparent fees for any other investment products they offer.
Prosper Savings Limited is authorized and regulated by the Financial Conduct Authority (FCA) and has a registered office in London. The company can be found online at prosper.co.uk, and press inquiries can be directed to press@prosper.co.uk. As with all investing, there is a risk of losing money, and individuals should speak to an independent financial advisor before proceeding.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.