Munnypot picks up investment from Livingbridge
Robo-advisory platform Munnypot began the month announcing a new relationship with business process management specialist Capita. Now the UK-based firm is ending the month with news of a major new investment from private equity firm, Livingbridge, reports David Penn at Finovate.
The amount of the investment was not disclosed. Livingbridge typically invests equity of as much as $6.6 million (£5 million). Munnypot says it will use the funds to further develop its robo-advisory solution.
Munnypot provides automated financial investment services from £25 a month and/or a single £250 investment. The platform leverages chatbot technology to encourage investors to maximise annual ISA allowances, and monitors fund performance against goal-based objectives. If performance is out of line, Munnypot automatically suggests alternatives for the investor to consider.
Livingbridge investment director Steve Cordiner says: “The robo-advisor sector has grown quickly in recent years and Munnypot has a strong proposition; delivering low cost and affordable advice to consumers.”
Munnypot’s funding news comes just weeks after the company announced a strategic “scaling” partnership with Capita, which took a minority stake in the robo-advisor. Via this partnership, Munnypot will help Capita develop solutions for wealth management companies.
Earlier this year, Munnypot reported that it would power the roboadvisor platform for Jyske Bank in Denmark. The deal represented the company’s first European white label partnership.