UK wealthech backed by Tom Blomfield looks to crowdfund £1m

A UK wealthtech targeting the mass affluent and backed by Monzo co-founder Tom Blomfield is returning to the crowdfunding market, looking to raise £1m.

Prosper was co-founded in 2020 by former Tandem executives Ricky Knox and Nick Perrett (pictured middle), along with former Nutmeg COO Phil Bungey (pictured right).

Alongside Blomfield, Prosper has an array of glittery backers including Charlie Delingpole, the founder of ComplyAdvantage; Jonathan Quin who sold WorldFirst to Ant Financial for $700m; Phil Smith who sold Embark to Lloyds bank for £390m; and Matt Cooper, the founder of Capital One.

The wealtech, which is also backed by Andreesen Horowitz and has around 500 customers, has raised £7.9m in total, according to Crunchbase.

It closed a £1m crowdfund at a pre-money valuation of £12.1m in December last year.

Prosper is looking to disrupt the wealth management sector with lower fees and more of a tech focus than legacy players.

Its offer includes investments in public market index funds, SIPPs and ISA wrappers.

It charges a fee based on a percentage of the customer assets held on the Prosper platform.

It is now looking to raise £1m on the crowdfunding platform Crowdcube.

Perrett said it wanted to raise on Crowdcube against because “we believe that our members should have an opportunity to share in our success, and most of our Crowdcube investors have become members too”.

The funds from the raise, Perrett said, will be used to bring its users access to private markets in the Prosper app.