Pensions and investments firm Prosper creates 100 jobs in Cardiff

Fintech venture Prosper is setting up a back office operation in Cardiff, creating 100 new jobs, following its latest equity round. The start-up has secured a £520,000 equity investment from the Development Bank of Wales and a syndicate of 11 business angels, including the co-founder and former CEO of Admiral, Wales’ only FTSE 100 company.

Prosper was founded in 2021 by Nick Perrett and Ricky Knox, who previously collaborated on Tandem Bank, which employs 250 people in Cardiff. The team also includes Phil Bungey, former chief operating officer at wealth-tech firm Nutmeg.

With support from the founders of Monzo, Capital One and Admiral, Prosper has now raised over £4m in pre-seed investment. Lead investor Simon Bell, founder of fintech and insurtech angel group Rebel Syndicates, leads the syndicate of business angels investing £270,000.

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Their investment has been matched with £250,000 by the Development Bank of Wales via its £8m Wales Angel Co-investment Fund. Legal advice was provided by Hugh James for the angel syndicate and Wales Angel Co-Investment Fund, while law firm Burges Salmon advised Prosper.

Prosper, a company offering pensions, investments and savings, has announced that founding members will benefit from zero fee access to 30 index funds from the world’s leading asset managers, with platform and transaction fees. In the future, Prosper plans to charge members a fair platform fee and low, transparent fees for any other investment products that they believe represent value, reports Business Live.

Mr Knox, chairman of Prosper said: “It’s great that Prosper is supported by Angels Invest Wales and Welsh angels in our latest funding. Receiving support from David Stevens, the man who helped to create Welsh unicorn Admiral, is a particular vote of confidence in Prosper’s mission. We’re excited to grow our base in Wales over time, building on the success we had in the region with our previous business Tandem, with the creation of up to 100 jobs.”

Mr Bell, lead investor said: “This is a team of experienced fintech entrepreneurs with a proven track record in setting-up and scaling banking businesses. It’s a real coup for Wales given that Tandem Bank is now one of the leading green banks in the UK. ”

Tom Preene operations manager for Angels Invest Wales, said: “This is a great opportunity for the development bank to back a highly experienced syndicate of business angels in helping to drive the growth of Prosper in Wales. Their knowledge and investment combined with our match funding is what will drive the growth of this promising business; creating jobs and leveraging value for the Welsh economy.”

Prosper has secured a spot at the 1 Capital Quarter office scheme in Cardiff for its new operation – which also doubles as the headquarters for the development bank.