Prosper, a wealth management platform focused on eliminating outdated processes, has raised £4m in a funding round aimed at accelerating its growth and expanding its AI-driven services.
The investment round was led by Fuel Ventures, which contributed £2m, alongside additional backing from existing shareholders, according to a report from UK Tech News.
Prosper’s previous angel round attracted investment from notable figures, including the founders of Monzo, Capital One, and World First. It also received support from Silicon Valley firm Andreessen Horowitz (A16Z), as well as Connect Ventures, MMC Ventures, and Portfolio Ventures.
The London-based company, which manages over £200m in assets under administration, seeks to disrupt the traditional wealth management industry by replacing “painful PDFs and old-fashioned technology” with innovative digital solutions.
Prosper aims to simplify wealth management by integrating expert financial insights with cutting-edge technology. Its platform offers a variety of low or no fee savings, pensions and investments.
The fresh funding will be used to scale its customer base rapidly, roll out its private market investment services, and further develop its AI-driven products.
Nick Perrett, CEO and co-founder of Prosper, said: “For far too long we have had a rough deal from wealth managers: high fees, or worse still hidden fees, companies that incentivise their people to sell products rather than giving us the help we need, and managing this entire process with painful PDFs and old fashioned technology.
“I founded Prosper because this simply isn’t good enough. It’s time for wealth management to be shaken up and brought into the 21st Century.”
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