Highlights
- Annual Run Rate Revenue has grown 7.3x in the last 12 months
- Assets under administration has doubled to £500m in the last year
- Customer numbers have also doubled to 16,000 in the last year
- Chance to participate in a £3m total round led by Fuel Ventures
The Idea
Problem
We believe that the industry-wide tendency of confusing pricing structures, hidden fees and paper-heavy offerings can make wealth managers and platforms no longer fit for purpose.
Solution
Prosper is building a HNW customer champion brand by offering customers access to public funds at zero cost, leading private market funds and the best rates on their cash, with AI-powered financial planning in beta.
Market & Growth
Prosper has estimated a total addressable market of £50.3bn in the UK, providing a revenue SAM of £35.9bn and SOM of £1.8bn.
Business model
Prosper charges a percentage platform fee based on the customer’s assets on our platform (varies by product).
Competition
Prosper aims to stand out from competitors by offering the lowest fees and a broad product range across public and private markets, optimised with AI.
Use of funds
These funds will be used to accelerate customer acquisition, expand our private markets range and to develop our AI-powered estate planning tool.
Investors & funding
Raised c.£11.2m from a16z, Fuel Ventures, MMC, Connect Ventures, Tom Blomfield (Monzo), Charlie Delingpole (ComplyAdvantage) and Matt Cooper (Octopus Group).
Team
Ricky Knox
Executive Chairman (Part Time)
Nick Perrett
CEO
Phil Bungey
COO (Part Time)
Hattie Moll
CMO
Ben Jackson
CTO
Brendan Murphy
CFO
FAQs
Number of customers
Prosper defines a customer as a user who has opened and funded an account on the platform
Total Addressable Market (TAM)
The company calculated this estimate using UK Total Addressable Assets, which is the sum of Financial Wealth (£1.9tn) and Private Pension Wealth (£4.8tn), totaling approximately £6.7tn (based on ONS data). This figure was grown by 15.2% to reach a 2024 estimate of £7.7tn. They then applied a 0.65% (65 bps) revenue margin to these assets resulting in £50.3 billion (Total UK Revenue TAM).
Serviceable Addressable Market
The company subtracted revenue from the Total Addressable Market figure associated with Defined Benefit (DB) Schemes and other "out of scope" products (which are typically traditional, employer-linked, or illiquid pensions that cannot be easily managed by a digital wealth platform). This deduction amounted to ~£14.4bn in potential revenue, resulting in £35.9 billion (UK Revenue SAM).
Serviceable Obtainable Market
The SOM is the realistic target for the company, reflecting a specific market share goal within the serviceable addressable market. The company has assumed a 5% market share of the SAM: £35.9bn (SAM) × 5%, resulting in £1.8 billion (UK Revenue SOM).
