Private equity house Livingbridge backs fintech firm Munnypot
Mid-market private equity firm Livingbridge has announced an investment in fintech business Munnypot.
Crawley-based Munnypot will use the boost from Livingbridge to develop its technology and enhance its customer proposition.
The company, an automated online investment platform, was set up to make investment advice more accessible.
According to Munnypot , many Brits are currently unable to access investment advice because the minimum values and fees are too high.
The firm is aiming to address this by providing fully regulated, easy-to-understand and affordable advice.
Outside its direct-to-consumer operation, Munnypot also provides its service as a white label product.
Livingbridge investment director Steve Cordiner said: “We are excited to be supporting Munnypot in the early stages of their development.
“The robo advice sector has grown quickly in recent years and Munnypot has a strong proposition; delivering low cost and affordable advice to consumers.”
Munnypot CEO Andrew Fay commented: “We are delighted with Livingbridge’s investment which will enable us to scale up our business and further develop our offer for consumers.”
The deal was led by Livingbridge Growth, which invests equity of up to £5m.