Automated financial advisor Multiply reels in £1.75m

Multiply, a fully-automated independent financial advice service, has landed a £1.75m investment.

Octopus Ventures, which specialises in early-stage companies, invested £1m, and was joined by Portag3 Ventures and Entrepreneur First. Angel investors in the round include Nick Hungerford, former CEO of Nutmeg, Taavet Hinrikus, CEO and co-founder of TransferWise, Peter Rading, Michael Orland and Toby Moore.

The FinTech startup was co-founded in 2016 by Vivek Madlani, the former Global Head of the Dynamic Strategies and Index Trading business at RBS, and Mike Curtis, a technology expert with a PhD in Computational Astrophysics from the University of Cambridge.

The pair aim to revolutionise the financial advice landscape by harnessing the power of machine learning to produce a fully impartial advice platform.

Vivek Madlani, CEO and co-founder of Multiply, commented: “Traditional financial advisors are too expensive for most people and often won’t even consider helping clients with less than £100,000 in the bank.

“This leaves millions of people in the UK unequipped to make better financial decisions leading to an advice gap that discriminates against the consumers who need it more. We founded Multiply to combat this problem and are determined to be the first to make financial advice available to everyone, for free.”

Subject to FCA authorisation, it will officially launch its offering later this year to be the UK’s first unbiased, free and fully comprehensive financial advice website.

It aims to cover every aspect of personal finance, from mortgages to investments and savings, Multiply uses machine learning and financial modelling to create bespoke financial plans for consumers.

Copyright © 2018 FinTech Global

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