With the number of robo advice and wealthtech propositions seemingly inexorably on the rise, Muckle has learned of two new entrants to the UK market each targeting a late summer launch.
The first is pre-paid debit card, currency exchange and peer-to-peer payments app, Revolut, which is set to add investment management to its proposition in partnership with robo advisor ETFmatic.
To be launched as RevolutWealth, the initial service will be similar to that offered by Moneybox and others which card payments to be rounded up to the nearest pound with the spare change then invested; ETFmatic is to provide a range of risk-graded investment portfolios for the proposition which will launch in the next two months.
A spokesperson for Revolut said: ‘It is going to be an investment platform whereby costumers will be able to invest their spare change. For example, if you spend £2.30 on a coffee, Revolut might say to you ‘hey, would you like to round it up to £3 and invest that 70p’.’
In yet another example of robo advisors forming B2B relationships, ETFmatic’s co-founder and chief executive Luis Rivera, said: ‘We are delighted to be partnering with Revolut to launch a wealth product that will help more people put their savings to work, so they can reach their long term financial goals. By leveraging the flexibility of our platform, Revolut is taking a huge step to help Europe move beyond banking.’
Revolut is taking a huge step to help Europe move beyond banking
Revolut, was founded by ex-Credit Suisse traders Nikolay Storonsky and Vlad Yatsenko, and boasts 718,000 clients racking up 29 million currency and banking transactions around the world with plans to add crypto currencies to its offering in the next few weeks.
Joining Revolut at the robo advice party will be Exo Investing, a trading name of Finhub Technologies which has recently received FCA authorisation.
Finhub Technologies, which has offices in both London and Madrid, is seeking to change the way that people invest as it believes investors are losing the ability to control their money on their own terms as automation increases.
Finhub has set out its stall to create ‘the ultimate investment experience, a platform that will give each investor the tools, the control, and the safety they need to design a portfolio as unique as they are’; it plans to give investors the right tools to enable them to take control of their own finances and shape their own future.
Exo Investing will offer a range of portfolios built using ETFs, which will be rebalanced around the clock; it will charge 0.75% for investments over £10,000, falling to 0.5% above £100,000, plus the estimated 0.25% cost of the underlying holdings.