Prosper, a wealthtech company founded by Nick Perrett and Ricky Knox, formerly of Tandem Bank, has successfully reached its £800,000 Crowdcube target before its official launch to the public on Wednesday, June 12th, 2024.
In a statement, Prosper’s CEO Nick Perrett expressed gratitude for the early support shown through the crowdfund, emphasizing the importance of having a community behind their mission to challenge the status quo in the finance industry. He also mentioned the success of other challenger banks like Monzo and Revolut in providing great returns for early investors.
While the raise on Crowdcube is still open for overfunding, Prosper has already made strides in its offerings, launching its savings accounts yesterday. This allows customers to choose from a variety of high-interest rate options from various banks, including easy access, fixed rate, and notice accounts. The company boasts a market-beating rate of 5.78%, the highest in the UK for a 365-day notice tracker.
Perrett also highlighted Prosper’s core mission to help people maximize their potential wealth by bringing cash savings and pensions together in one place. He explained that with the Prosper Savings Account, customers can access new interest rates, easily move their cash, and take advantage of the company’s no-fee policy for opening and managing accounts. Instead, they take a small percentage from the bank account provider.
In addition to savings, Prosper also offers zero-fee access to 30 index funds from top asset managers, zero platform fees, and zero transaction fees for pensions, ISAs, and GIAs through its Founding Member offer. This was inspired by co-founder and Chairman Ricky Knox, who surprised the audience at the recent Money 20/20 conference in Amsterdam by brandishing his old Aviva pension statement. According to Knox, this was the catalyst for starting Prosper in 2022 with Perrett and Phil Bungey, former COO at Nutmeg.
Knox discussed the future of wealthtech on a panel at the conference with Joanne Phillips, Managing Director 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’s head of content, Ian Horne. He also reflected on his experience at the conference and identified “hyperpersonalisation” and AI as major trends that will shape the industry in the coming year.
In conclusion, Prosper’s aim is to maximize its members’ potential wealth by providing transparent and low-cost pensions, investments, and savings. The company is backed by the founders of Monzo, Capital One, and Admiral, as well as other leaders in the financial services industry. Prosper Savings Limited is authorized and regulated by the Financial Conduct Authority and is registered in England and Wales. For press inquiries, please contact Hattie Moll at press@prosper.co.uk.
