Prosper

Prosper (prosper.co.uk) is a UK-based financial technology company operating as a digital-first savings and investment platform. The firm was established to challenge the traditional wealth management sector by offering transparent, low-cost financial products.

The company was founded in 2022 by Nick Perrett (CEO), Ricky Knox (Chairman), and Phil Bungey (formerly COO of Nutmeg). This venture reunites Perrett and Knox, who previously collaborated on building the digital and green-focused Tandem Bank. Their collective experience, along with Bungey's background at Nutmeg, a successful digital wealth manager acquired by JP Morgan, provides a strong foundation for Prosper's mission. The founders' impetus for starting the company stemmed from a desire to address the issue of opaque and high fees common in the pension and investment industry, a problem Knox highlighted with his own pension statement.

Prosper primarily serves mass affluent and high-net-worth investors in the UK who are seeking an alternative to legacy wealth management services. The business operates through a sleek, app-based platform, allowing users to manage their savings and investments digitally. Its core offerings include a Stocks and Shares ISA, a Self-Invested Personal Pension (SIPP), and a General Investment Account (GIA). Through the platform, clients can access over 150 funds, including index funds, ETFs, and mutual funds. A key feature is the "Founding Member" offer, which provides zero platform fees, zero transaction fees, and zero ongoing charges on approximately 30 selected index funds. The company also provides access to a savings marketplace, offering competitive interest rates on products like fixed-term bonds and notice accounts by partnering with banks and boosting rates.

The company's revenue model is structured to minimize direct costs to the consumer for its core investment products. Prosper makes money by retaining the interest earned on uninvested cash held in user investment accounts and by taking a small percentage from the provider for its cash savings products. For its forthcoming private markets offering, aimed at sophisticated and high-net-worth investors, it plans to charge a 1% upfront fee. The firm has successfully raised capital, including a £4 million round led by Fuel Ventures, to scale its customer base and develop its AI and private market offerings. It is authorised and regulated by the Financial Conduct Authority (FCA), with customer funds protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.

Keywords: wealthtech, digital investment platform, low-fee investing, SIPP, Stocks and Shares ISA, General Investment Account, passive investing, index funds, financial services, fintech, savings marketplace, high-interest savings, investment app, pension consolidation, mass affluent, high-net-worth, transparent fees, Nick Perrett, Ricky Knox, Tandem Bank alumni, private market access, AI financial advice, UK investment, FCA regulated, wealth management challenger