Robo-advisor Munnypot is so hot for Capita
Through this partnership, in which no financial details were disclosed, Munnypot says it will work with Capita to design solutions for wealth management firms, allowing them to go to market “in less than 100 days”. Capita will also help Munnyport scale up.
CEO and co-founder of Munnypot, Andrew Fay, says the deal “marks a significant milestone for Munnypot” – and that “clients can now transact with us, knowing that we’re still the same independent, innovative, agile business but with the comfort of knowing we have the support of Capita plc as a shareholder”.
CEO of Capita, Jonathan Lewis, adds that its financial services clients will be able “to address the growing digital savings market in an effective way, helping a dynamic start-up to achieve critical mass and create sustainable UK based digital jobs”.
Munnypot explains that it uses a conversational, automated chatbot to make investment decisions for the customer, automatically selecting the fund and product based on “their appetite for risk”.
It monitors the investment 24/7, notifying the customer and providing advice if the investment performance deviates away from the goal.
Founded in 2015, the company allows users to begin investing from £25 per month and/or a £250 single payment into an individual savings account (ISA), junior ISA (JISA), general investment account (GIA), or pension fund.
Munnypot is a trading name of Munnypot Limited which is an appointed representative of Resolution Compliance Limited, which is authorised and regulated by the UK’s Financial Conduct Authority (FCA).