uses cookies on this website. They help us to know a little bit about how you use our website, which improves the browsing experience and marketing - both for you and for others. They are stored locally on your device. By continuing to use this site you accept this use of cookies. Go to the Privacy and Cookies page for more information. You'll see this message only once.
Not signed in. Log in here.

Is Monzo launching a robo advisor?

By Daniel Lanyon on 20th November 2017

A new feature ramps up speculation that the bank, highly popular with millenials, could be a conduit for greater take up of digital wealth management.



Is Monzo launching a robo advisor? In short, no, but it has launched a new service called Pots that could pave the way for its own digital wealth manager or greater integration through its online marketplace.


As one of the most well known-challenger banks in the UK market, Monzo has not been short of headlines of late.


It has raised £71m new equity cash (£60m factoring secondary issuance, broke a crowd funding round earlier this year , unveiled its marketplace ‘vision’ and even might be eying an Initial Public Offering (IPO).


Now the firm which saw a 300 per cent increase since February in users from 120,000 to 470,00 is launching a new service called Pots.


It allows users to set aside money for a specific purpose within the users’ Monzo account.


“Whether you’re saving for a rainy day or putting money aside for a house, planning the perfect wedding or funding a trip around the world, pots can help you work towards your biggest plans and daily goals,” a spokesman said on its own forum last week.


“We think pots have the potential to become a valuable tool that help you set aside, save and manage your money in a way that fits in with your life,” they added.


The bank also said it “could be pretty cool” to let other services integrate into Monzo as a pot...”you could have one for your ISA or savings… or even a negative one for your student loan,” the same spokesman said.


The bank has released a few snapshots ahead of the Pots launch. For Nutmeg fans please note the image is just a “placeholder” according to the firm.



Enter your name:

Enter a comment in the box below: