Prosper, the UK wealthtech founded by Tandem and Nutmeg alumni, has raised £1 million from a crowdfunding campaign on Crowdcube.
Prosper is looking to emulate the likes of Wise in foreign currency exchange by undercutting the fees levied by wealth managers and offering high-interest bearing returns on balances. Opened for founding members just months ago, it already offers SIPP, ISA and general investment accounts.
The brainchild of Tandem vets Ricky Knox and Nick Perrett and Nutmeg COO Phil Bungey, the firm has already raised £3.2 million in pre-seed backing from a host of fintech founders, including Monzo's Tom Blomfield and Capital One's Matt Cooper.
The crowd round was 170% oversubscribed with £1.02m raised and hit its £600,000 target in just four hours.
Some 400 investors took part in the round with an average investment of £2.5k per investor.
Says Perrett: “Having launched the company only last month, to get such amazing momentum and a fantastic set of new shareholders is a true endorsement. We can now deliver on our mission of maximising the potential wealth of our members from a position of strength.”