Prosper, the UK WealthTech company founded by alumni of Tandem and Nutmeg, has successfully reached its Crowdcube target of £800,000 prior to its public launch.
Founded by Tandem’s Ricky Knox and Nick Perrett, along with Nutmeg COO Phil Bungey, Prosper has already secured £3.2 million in pre-seed investment from various fintech founders, including Monzo’s Tom Blomfield and Capital One’s Matt Cooper. Additionally, the firm raised £1 million in a crowdfund round last December.
Prosper aims to replicate the success of Wise in foreign currency exchange by offering lower fees than traditional wealth managers while providing high-interest returns on balances. Launched for founding members just months ago, the company already offers SIPP, ISA, and general investment accounts.
Perrett expressed enthusiasm about the early support for the crowdfunding campaign, emphasizing that businesses like Prosper need community backing to disrupt the status quo. He pointed out the impressive returns that early investors in challenger banks like Monzo and Revolut have seen.
The fundraising effort on Crowdcube remains open for overfunding.
In addition to the crowdfunding news, Prosper has announced the launch of savings accounts, providing access to hundreds of high-interest options, including easy access, fixed-rate, and notice accounts from various banks. The firm’s market-leading rate of 5.78% is the highest interest rate available in the UK for a 365-day notice tracker.
“Consolidating your cash savings and pensions into one place can enhance your understanding of your finances,” said Perrett. “With the Prosper Savings Account, users can continuously access new interest rates in the app and easily shift their money to capitalize on the best options. This is central to our mission of helping individuals maximize their wealth potential. We don’t charge fees for opening or managing cash accounts; instead, we take a small percentage from the bank account provider.”