Reaching new clients is one of the biggest challenges for digital wealth managers and robo advice firms.
Digital wealth management platform Moola is offering successful participants of an online quiz £100 for signing up to one of its risk-targeted portfolios.
Investors are invited to take part in the quiz that has four not 'easy' questions and provided you get at least three right, the first 200 new customers will receive £100 into their investment account.
The catch is you have to set up your Moola account with a minimum investment of £50 and a minimum monthly contribution of £50 a month for a period of 6 months or contributions totalling £300 in the first year.
Moola will deposit £100 prize into investors account within 1 month of the account being opened and first deposit made with the £100 prize invested into the portfolio.
All things being equal – which they rarely are – this locks in a 33 per cent return before fees.
Accounts, however, must remain open for at least 12 months before withdrawing the £100 prize or it and any associated profits will not be able to be withdrawn and will be recalled by Moola.
Gemma Godfrey is the founder and CEO of Moola. The platform is backed by Octopus Ventures as well as Run Capital, Odysseus Investments and some private investors.