Tandem Bank co-founders team up to launch low-fee wealth management app Prosper
Tandem Bank co-founders Ricky Knox and Nick Perrett have teamed up with ComitFS non-executive chairman Phil Bungey to launch Prosper, a new London-based wealth management start-up.
Tandem Bank co-founders launch Prosper
The Prosper app allows users to invest in index funds and portfolios from “major asset managers” and offers free impartial advice on the course of their investments.
Additionally, the service promises fees that are “fair, transparent and as low as possible”, in a move to undercut the typically high fees of competing firms within the wealth management industry.
“Most people are totally unaware of what they are paying to have their money managed, nor the fact that these costs can literally cut their future wealth in half,” says Perrett.
“It’s probably the largest bill you have, but never see. Our mission is to change that for millions of people worldwide.”
The venture, which launches this week, has gained the financial backing of Tom Blomfield (former CEO and co-founder of Monzo), Charles Delingpole (founder and executive chairman of ComplyAdvantage) and Matt Cooper (serial NED and chair of Tandem Bank), helping the start-up to launch with £3.2 million in pre-seed funding.
The company hopes that lower, more appropriate fees will enable it to attract a wider net of investors and ultimately take on the incumbents in the space.
Currently operating as an invite-only service, Prosper is slated for public launch in Q1 2024. The company has also opened up a crowdfunding campaign via Crowdcube in a push to raise more funds.
