Monzo is set to transition its investment and pension product offerings to Seccl, an embedded investment platform owned by Octopus.
Since September 2023, Monzo users have been able to open investment accounts through the app, gaining access to various multi-asset funds. Alongside a Stocks and Shares ISA and General Investment Account (GIA), Monzo also launched a pension tracing and consolidation service in July 2024.
To date, this investment initiative has attracted over 300,000 customers. As part of the migration, their assets will be transferred to Seccl, which will handle custody, administration, and investment services. BlackRock will remain responsible for managing the funds available to Monzo Investments and Pensions customers.
Monzo selected Seccl as its technology partner in January, with the first assets transitioning to the Bath-based provider’s platform in May. By early July, new Monzo investment accounts were being managed by Seccl, and the migration of existing customers is scheduled for September.
In conjunction with this migration, Monzo is rolling out a suite of new features, including a fully digital accumulation Self-Invested Personal Pension (SIPP) that allows customers to make new contributions and consolidate existing pensions, as well as the ability to trade Exchange-Traded Funds (ETFs).
Andy Smart, Monzo’s Chief Product Officer, commented, “Aligned with our mission to make money work for everyone, we’ve simplified investing for thousands of customers, ensuring it’s accessible, transparent, and cost-effective. Collaborating with Seccl enables us to enhance our offerings and introduce innovative features that empower our customers to grow their wealth, all seamlessly integrated within the Monzo app.”