Eighteen months after the launch (more) of its ‘second generation’ robo advice platform, award winning Munnypot has announced that it has entered into a strategic ‘scaling partnership’ with Capita.
In what is its second strategic relationship since Munnypot announced its first European white label with Denmark’s Jyske Bank, Capita has become a shareholder in the business in return for a long-term relationship providing business development services; the company declined to reveal the size of the stake or the value of the investment, but said it was a minority holding.
Munnypot will work with Capita to design white label solutions for wealth management firms, allowing them to go to market with a best in breed automated advice solution in less than 100 days; in turn Capita will support Munnypot to ensure they continue to deliver excellence as it scales up.
relationship with Capita marks a significant milestone for Munnypot and opens the door to many more opportunities
In announcing its partnership, CEO and Co-founder of Munnypot, Andrew Fay, said ‘We’re excited to work with Capita’s scaling partner team. We have a market leading proposition and have had great success delivering our solution for Jyske Bank. But this relationship with Capita marks a significant milestone for Munnypot and opens the door to many more opportunities. Clients can now transact with us, knowing that we’re still the same independent, innovative, agile business but with the comfort of knowing we have the support of Capita plc as a shareholder.’
CEO of Capita plc, Jonathan Lewis, said: ‘Our partnership with Munnypot creates a relationship that is of strategic value for our clients, Munnypot, and for Capita. We are enabling our financial services clients to address the growing digital savings market in an effective way, helping a dynamic start-up to achieve critical mass and create sustainable UK based digital jobs, and we’re continuing to innovate and strengthen the digital platforms we offer to our clients to deliver real value and create future sustainable growth.’
Munnypot was launched in 2016 by Simon Redgrove and Andrew Fay, who previously founded independent financial adviser Cavanagh Group, along with Simon Chisholm; Cavenagh was sold to Close Brothers in 2011 for £26m.