One of the predictions made at the recent Robo-investing Europe 2017 conference in London was the ‘Uberfication’ of financial services and the synergies between the game-changing app and robo-advisers has been confirmed by a partnership whereby digital wealth manager Moneyfarm will offer Uber’s UK drivers pension and ISA products.
Following a similar deal with US digital wealth manager Betterment, Uber will offer a cobranded version of Moneyfarm’s wealth management app to its estimated 40,000 drivers in the UK.
In an emailed statement, Uber’s UK manager, Jo Bertram,said: ‘We’ve heard from many of our partner-drivers that they want to save for the future. That’s why we’re really pleased to be partnering with Moneyfarm, who will soon offer Uber partners discounted products from ISAs to pensions, along with improved access to financial education.’
Speaking to Business Insider, Moneyfarm cofounder and CEO Giovanni Dapra said: ‘They’re very concerned about their drivers and this was a great way to provide a very strong benefit to their drivers while leveraging what we think is our best in class digital technology and wealth management platform.
this was a great way to provide a very strong benefit to their drivers
‘We’re one of the very few in the market that’s able to offer that at scale. That’s why I believe Uber chose to partner with us.’ Mr Dapra said Moneyfarm had been talking to Uber for around 3 months and describes what he believes is a ‘big opportunity’.
‘It’s going to be specific offers for Uber drivers but the product will be delivered by Moneyfarm,’ said Mr Dapra, ‘Effectively, we are the responsible party and we are the licensed party able to advise and provide the financial investments in ISAs and discretionary wealth management.’
Originally founded in Italy, Moneyfarm launched in the UK twelve months ago, offering investment advice and automated wealth management. The company, which is backed by German insurance giant Allianz, said it is seeing 16% monthly growth and has seen customer numbers rise close to 150% in the last three months.
‘We’re very pleased about the growth’ said Mr Dapra, ‘if you look the expectation we had, which was that the UK was ready for a digital wealth management product — that’s right. Overall we’re very pleased about where we are in the UK.’