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Tom Blomfield-backed wealth tech startup closes £1m crowdfund

Prosper wealth tech team
Image credit: Prosper

A wealth tech startup backed by the co-founder of Monzo has closed a £1m crowdfund at a pre-money valuation of £12.1m.

Prosper is a platform providing access to investments, zero-fee index funds and cash interest. It charges a fee based on a percentage of the customer’s assets held on the Prosper platform.

Founded in 2020 by fintech entrepreneurs, the startup is aiming to disrupt the savings and investment market with lower fees and AI-powered financial advice.

Prosper’s first crowdfund was oversubscribed by 170% and hit its £600,00 target in four hours. In total, it sold 7.7% equity to 406 investors.

It comes off the back of Prosper closing a £3.2m pre-seed round last month, which included investment from Monzo co-founder Tom Blomfield and Capital One co-founder Matt Cooper.

Prosper was co-founded by Tandem alumni Ricky Knox and Nick Perrett, along with former Nutmeg COO Phil Bungey.

“Having launched the company only last month, to get such amazing momentum and a fantastic set of new shareholders is a true endorsement,” said Perrett, who is the CEO of Prosper.

“We can now deliver on our mission of maximising the potential wealth of our members from a position of strength.”