New robo-advice and investment service targets 16m Britons trapped in financial advice gap

New robo-advice and investment service targets 16m Britons trapped in financial advice gap

Munnypot, a new robo-advice and investment service in the UK, has fully launched with tech support from a number of partners.

At the back-end, the transactions are completed on the SEI Wealth Platform, a long-standing processing platform in the UK and US. It uses TCS Financial Solutions’ Bancs core banking system.

Five Degrees provides customer relationship management (CRM) and business process management (BPM) solutions. Munnypot is the first UK-based customer for this Dutch banking and wealth management software provider, Banking Technology understands.

Virtual Affairs is the front-end solutions provider to Munnypot.

Ortec Finance provides goal-based financial planning tools.

Money in the (digital) pot
Munnypot promises “straightforward financial advice in a language people can understand, at a fraction of the cost of a financial adviser or wealth manager”.

The service aims to address “the financial advice gap” affecting 16 million people in the UK.

It provides “an intuitive WhatsApp style ‘chat-based’ user-interface that guides people in their savings and investment decisions, using straightforward language and a conversational style”.

The company was set up by Simon Redgrove and Andrew Fay, founders of Cavanagh Group (which they sold to Close Brothers in 2011 for £26.2 million).

Munnypot is a trading name of i-saver Global Limited.

It soft launched in December last year and is now fully operational.

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