A platform seeking to to ditch “painful PDFs and old fashioned technology” from the wealth  management industry has raised £4m in a funding round.

The platform, which has over £200 million in assets under administration, is seeking to be at the forefront of transforming wealth management by combining innovative technology with expert financial insights. With this investment, Prosper intends to rapidly scale its customer base, launch its private market investment offering and build out its AI product.

By leveraging AI, the platform aims to enhance their customer experience and diversify customer investments, leading to higher potential returns.

The round was led by Fuel Ventures, who invested £2m, with participation from a number of existing shareholders.

It follows Prosper’s initial angel round, which saw support from the founders of Monzo, Capital One, World First, as well as Silicon Valley firm Andreessen Horowitz (A16Z), Connect Ventures, MMC Ventures, and Portfolio Ventures.

Nick Perrett, CEO and Co-Founder of Prosper, said:  “For far too long we have had a rough deal from wealth managers: high fees, or worse still hidden fees, companies that incentivise their people to sell products rather than giving us the help we need, and managing this entire process with painful PDFs and old fashioned technology.

“I founded Prosper because this simply isn’t good enough. It’s time for wealth management to be shaken up and brought into the 21st Century.”

Mark Pearson, Founder of Fuel Ventures, added that Prosper’s “use of AI to provide tailored financial help for clients at scale addresses a significant market need.”

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