New wealth-tech platform, Prosper, has raised £3.2m following a round of angel funding.

The founders of Monzo, Capital One, World First, Tandem, Azimo, Embark, Comply Advantage, and the Connect, MMC and Portfolio Ventures all contributed to Prosper’s angel round, backing the company to shake up the way people manage their wealth.

Founded by Nick Perrett of digital bank Tandem, Ricky Knox of Tandem and Azimo, and Phil Bungey of Nutmeg, Prosper is aiming to “revolutionise” how people save and invest.

Prosper said it is building a “customer champion business”, by launching with the highest interest rates on cash, offering zero cost index funds from major asset managers, and opening access to alternative private market investments that offer higher potential returns.

“Most people are totally unaware of what they are paying to have their money managed nor that these costs can literally cut their future wealth in half," stated founder and CEO of Prosper, Nick Perrett.

“It’s probably the largest bill you get but never even see it. Our mission is to change that for millions of people worldwide.

“We also know just how much interest customers fail to get on their cash. We want to change that by making it easier to just keep cash on top rates. We are excited to give more back to our members, helping them get more of the life they want.”

Prosper’s co-founder and chairman, Ricky Knox, added: “The investment universe has moved on.

“There are less than half the number of public companies that there were 30 years ago, and over 85% of all US companies with more than $100m in revenue are not listed on the stock market. And yet the investment products we put money into haven't changed.

“Unless you’re ultra wealthy and have enough money to essentially buy access, you’re at a disadvantage because you can’t access these potentially higher-yielding private investment opportunities. We want to give our members that access to level the playing field for the everyday consumer.”

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