Total amount raised
£9.5 Millions
Latest funding date
Location
Title
Prosper has successfully raised funds through multiple rounds, attracting a diverse group of investors. The platform offers a range of financial products, including savings, pensions, and investment options.
Keep reading to explore the intricacies of Prosper's fundraising journey and the investors backing this innovative platform.
What Is Prosper?
Founded in 2020, Prosper is a London-based wealth platform that aims to maximize members' potential wealth through pensions, investments, and savings plans. The company was established by Nick Perrett, Phil Bungey, and Ricky Knox.
Prosper emphasizes transparency and clarity in its financial offerings, helping individuals achieve better savings outcomes for the future. The platform offers a range of financial products, including savings accounts, Self-Invested Personal Pensions (SIPP), Stocks and Shares ISAs, and General Investment Accounts (GIA).
With a team of 11-50 employees, Prosper is dedicated to providing low or no fee savings, pensions, and investment products. The company is committed to helping users maximize their potential wealth through a variety of investment options.
How Much Funding Has Prosper Raised?
- Seed Round
- Amount Raised: £520K
- Date: April 2024
- Lead Investors: Development Bank of Wales
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and attract early users.
- Equity Crowdfunding
- Amount Raised: £981.2K
- Date: November 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the user base and enhance platform features.
- Angel Round
- Amount Raised: £3.2M
- Date: November 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure strategic partnerships and further develop the platform.
- Equity Crowdfunding
- Amount Raised: £751.2K
- Date: June 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support marketing efforts and user acquisition.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: November 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional working capital for ongoing operations.
- Venture Round
- Amount Raised: £4M
- Date: January 2025
- Lead Investors: Fuel Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the customer base, launch a private market investment offering, and develop AI products.
Total amount raised: £9.45M. Current valuation: Not publicly disclosed.
Key Investors
- Fuel Ventures
- Details: Fuel Ventures is a UK-based venture capital firm that focuses on early-stage technology startups. They led Prosper's recent £4 million funding round.
- Investment Focus Areas: Technology startups, AI, innovative solutions.
- Notable Investments: OnBuy, Moteefe, Prosper.
- Development Bank of Wales
- Details: The Development Bank of Wales provides flexible finance to businesses in Wales. They were the lead investor in Prosper's seed round.
- Investment Focus Areas: SMEs, technology, renewable energy.
- Notable Investments: Creo Medical, Zip World, Prosper.
- Founders of Monzo
- Details: The founders of Monzo, a leading digital bank, participated in Prosper’s initial angel round. Monzo is known for its innovative approach to banking.
- Investment Focus Areas: Fintech, financial services.
- Notable Investments: Monzo, Prosper.
- Founders of Capital One
- Details: The founders of Capital One, a major financial services company, also invested in Prosper’s angel round. Capital One is renowned for its credit card and banking services.
- Investment Focus Areas: Financial services, technology.
- Notable Investments: Capital One, Prosper.
- Andreessen Horowitz (A16Z)
- Details: Andreessen Horowitz is a prominent venture capital firm based in Silicon Valley. They participated in Prosper’s angel round.
- Investment Focus Areas: Technology, fintech, innovative startups.
- Notable Investments: Facebook, Airbnb, Prosper.
What's Next for Prosper?
Prosper is poised to capitalize on several significant opportunities. With over £200 million in assets under administration, the platform aims to rapidly scale its customer base and launch a private market investment offering. Leveraging AI to enhance customer experience and diversify investments, Prosper is well-positioned to modernize the wealth management industry.
Future fundraising opportunities seem promising, given the recent successful £4 million round led by Fuel Ventures. This financial backing, coupled with the involvement of high-profile investors, suggests that Prosper may continue to attract substantial investment. However, the company will need to navigate challenges such as entrenched industry practices and competition from established firms.
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