UK fintech firm Munnypot, a mobile-first robo-advisor service launched by the founders of Cavanagh Group, has announced the official launch of its robo-advice and investment service to the UK public effective today.
Munnypot uses a natural chat format – styled like WhatsApp – to engage with users and guide them in their investment options. It also keeps them up-to-date with the progress of their financial situation.
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Munnypot interacts with users through conversational and jargon-free questions, and by answering them online it can define their lifestyle goals and risk profile. In addition, the platform goes beyond making suggestions by offering clear advice on the best way for a person to invest his money, via one of five tracker products. It then keeps consumers informed on performance, in real time, advising them on the possible decisions to take if things change.
The venture was co-founded by financial services entrepreneurs Simon Redgrove and Andrew Fay, the duo behind Aim-listed IFA firm Cavanagh Group, and recently teamed up with a range of partners. The firm has already secured the backing of Ortec Finance, Five Degrees and Virtual Affairs, as well as SEI wealth management which provides the outsourced investment operations, including trading, custody and settlement services.
Simon Redgrove, co-founder of Munnypot, commented: “Wealthy investors have been using first generation robo-advice services for years, but until now they’ve not been accessible to the majority of people, particularly those who have little or no savings. We’re aiming to change that with a more intuitive and more cost-effective service that anyone with £25 a month to invest can use. We are determined to help Britain fall in love with saving again.”