Saving and investing service Moola launches
After 18 months of development, UK-based online saving and investing service Moola has launched.
The firm says there are 5.4 million “mass affluent people in the UK who have no access to financial advice, but disposable income and a desire to save and invest”. It wants to tap into that market by doing the “hard work for them” – such as searching the market.
Moola says it uses “modern techniques” to spread an investment across sectors and countries, but does remind users that “capital is at risk”.
The minimum account size is £100 and the service is currently available to UK residents only. Money can be withdrawn within seven working days.
Users pay one flat, yearly fee of 0.75%. The fee will be calculated on the average value of the person’s portfolio over the month and will be charged at the end of each calendar month.
The firm was founded by Gemma Godfrey, CEO, and Andrew Jordan, CTO.
Godfrey is something of a TV celebrity. She works as a money expert for UK TV channel ITV, and was on NBC’s “The Celebrity Apprentice” as a boardroom adviser to Arnold Schwarzenegger.
Jordan must be feeling left out. He wasn’t on TV, but was the former CTO and co-founder of VouchedFor – a firm that helps people find independent financial advisers.
Looking ahead, the start-up plans to unveil its “Moolacademy” at an unspecified date. This will offer short courses to let users learn more about investing, their attitude to investing, and “what investing online really means”.
Moola is the trading name of Moola Systems Limited. It is authorised and regulated by the UK’s Financial Conduct Authority (FCA).