London-based fintech startup Prosper, a wealth management platform for high-net-worth individuals leveraging AI to access private markets, has secured £4 million in funding. The round was led by Fuel Ventures, with support from existing investors, including founders of Monzo and Capital One.
- Founded by Nick Perrett and Ricky Knox, Prosper develops a wealth management platform that leverages AI to offer a seamless, personalized experience for managing investments more effectively.
- Since launching in 2020, the platform has grown to oversee over £200 million in assets under administration, aiming to transform wealth management and deliver better investment outcomes for its users.
“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. 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," says Nick Perrett, CEO and co-founder of Prosper.
Details of the deal
- The investment was led by Fuel Ventures, a London-based venture capital firm that invests in early-stage tech startups with ticket sizes typically between £250,000 and £3 million.
“Prosper stands out as a truly innovative player in the wealth management space. Nick, Ricky and the Prosper team are already making huge waves in the finance industry and we look forward to seeing how they continue to redefine how wealth management services are delivered in 2025," founder of Fuel Ventures, Mark Pearson, commented.
- The funding round also saw support from existing investors, including the founders of Monzo, Roosh Ventures, Capital One, World First, Tandem, Azimo, Embark, and Comply Advantage, as well as institutional angel investors from Silicon Valley firm Andreessen Horowitz (a16z), Connect Ventures, MMC Ventures, and Portfolio Ventures.
- Prosper will use the £4 million funding to grow its customer base, introduce private market investments, and improve its AI technology to enhance the user experience and boost investment returns.
