Prosper hits crowdfund target & launches cash savings platform

By Gloria Methri

Prosper the London-based savings and investments WealthTech has hit its £800,000 Crowdcube target before launching to the public.

“We have been overwhelmed by the early show of support in the crowdfund. We know that businesses like ours can’t change the status quo without a community behind us. Challenger banks like Monzo and Revolut have shown that great returns for early investors are possible,” said Nick Perrett, Prosper’s CEO.

Prosper also announced the launch of its savings accounts, opening hundreds of high-interest rate options across easy access, fixed-rate and notice accounts from a wide range of banks.

“Bringing your cash savings and your pensions together in one place can really help you understand what your money is doing,” said Perrett. “With the Prosper Savings Account, you can access new interest rates on cash all the time in the app and easily move your cash to take advantage. This is part of our core mission to make sure that people can maximise their potential wealth. We don’t charge for opening or managing your cash accounts. Instead, we take a small percentage amount from the bank account provider.”

Prosper’s Founding Member offer on pensions, ISAs and GIAs includes zero fee access to 30 index funds from the world’s leading asset managers, zero platform fees and zero transaction fees.

Chairman and co-founder Ricky Knox surprised the Money 20/20 audience last week in Amsterdam by brandishing his old Aviva pension statement. A piece of paper that prompted him to start Prosper in 2022 with co-founders Nick Perrett and Phil Bungey, formerly COO at Nutmeg.

“There is a new generation of wealthier Gen X’ers who are not OK with one piece of paper per annum telling me that I have 54k in my pension and if I just sit tight for 20 years, that 54k will become … 49k. This is the reality of costs and fees over time on many, many people’s pensions,” he said.