Moola

Moola was a digital wealth management service founded in 2015 by Gemma Godfrey, a former quantum physicist who transitioned into finance. Godfrey's experience in financial services and as a media commentator on consumer money matters revealed a gap in the market for accessible financial advice. She aimed to create a platform that would simplify investing for small investors, using straightforward language and automating processes to keep costs low.

The company launched in late 2016, offering an online and app-based service that allowed users to invest with a minimum of £50. Moola provided a streamlined user experience, enabling account setup in under five minutes. Its business model centered on charging a small fee based on the amount invested, which covered the costs of safeguarding money, background checks, and investment management. The platform catered to individuals who had money to invest but lacked access to traditional financial advice. For financial advisers, it offered a cost-effective way to manage smaller clients. Moola also expanded its services to include tax-aware investing and ethical portfolios for the general public.

The startup secured funding from institutional investors, including Run Capital, Octopus Labs, and Odysseus Investments. In a significant milestone, Moola was acquired by the FTSE-listed JLT Employee Benefits in July 2018. The acquisition was intended to enhance JLT's financial well-being offerings. However, following a strategic review, JLT decided to close Moola, and the service officially ceased operations on February 27, 2020.

Keywords: Gemma Godfrey, wealth manager, investment service, fintech, financial advice, robo-adviser, online investing, small investors, JLT acquisition, financial wellbeing, automated investing, ethical portfolios, tax-aware investing, savings crisis, consumer finance, UK fintech, Octopus Labs, Run Capital