Prosper, a UK-based wealthtech company founded by Nick Perrett and Ricky Knox, has successfully reached its £800,000 Crowdcube target ahead of its public launch. The company, founded by former Tandem Bank executives, aims to revolutionize the savings and investments industry by providing a wide range of high-interest savings options and low-fee investment services.
“We have been overwhelmed by the early show of support in the crowdfund,” said Nick Perrett, Prosper’s CEO. “We know that businesses like ours can’t change the status quo without a community behind us.” The raise on Crowdcube is still open for overfunding.
Yesterday, Prosper launched its savings accounts, offering hundreds of high-interest rate options across easy access, fixed rate, and notice accounts from a variety of banks. Their market-beating rate of 5.78% is currently the highest interest rate available in the UK for a 365-day notice tracker.
“Bringing your cash savings and your pensions together in one place can really help you understand what your money is doing,” said Perrett. “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.” Prosper’s Founding Member offer on pensions, ISAs, and GIAs includes zero fees for access to 30 index funds, zero platform fees, and zero transaction fees.
Ricky Knox, Chairman and co-founder of Prosper, recently surprised the audience at the Money 20/20 conference in Amsterdam by brandishing his old Aviva pension statement. This prompted him to start Prosper in 2022 with co-founders Nick Perrett and Phil Bungey, formerly COO at Nutmeg. “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,” he said.
Ricky discussed the future of wealthtech in a panel with Joanne Phillips MD of Direct Wealth at Aviva and Mary Kemi A., Business Development Director at Lloyds Banking Group/Now You’re Talking Network, chaired by Money 20/20 head of content Ian Horne. He also noted that “Hyperpersonalisation ‘market of one’ solutions are going to be extremely important for incumbents and challengers,” and that Prosper is focused on delivering helpful nudges to customers using AI.
Prosper was founded with the goal of maximizing members’ potential wealth by providing clear and low fees for their pensions, investments, and savings. “The business will always be run with a lean team so that we can pass on as much value as possible to our members,” said Perrett. The company is backed by the founders of Monzo, Capital One, and Admiral, as well as other leaders in financial services.
As with all investing, your capital is at risk and you may get back less than you put in. Any reference to tax is subject to personal circumstance and may change in the future. Prosper Savings Limited is authorized and regulated by the Financial Conduct Authority and registered in England and Wales with company number 11923629. For more information, please visit prosper.co.uk or contact press@prosper.co.uk.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.