Online investment service Moola, which is partnered by BlackRock and Winterflood, has been fully authorised by the Financial Conduct Authority (FCA). The company will be open for business at the start of next year.
Moola will provide accessible investing with minimum investments from as little as £200 and also help financial advisers offer a simplified service to smaller customers that they aren’t able to service traditionally.
Gemma Godfrey, founder and CEO of Moola said: “[The FCA] authorisation is an important milestone for us and our world-class partners as we work towards our shared goal: to help people grow their money.”
The announcement that BlackRock will be the product provider for the new online wealth firm follows the approval from the FCA.
Godfrey continued: “Collaboration really is key – we each provide a piece of the puzzle, bringing company employees and customers what they need, in the way they need it.”
BlackRock will provide Moola clients with access to its research and range of exchange traded funds (ETF) managed through the firm's iShares arm.
BlackRock head of iShares UK retail and wealth, Joe Parkin, said: “Technology has created new, higher standards of consumer experience that people have come to expect as the norm, Moola is embracing this new reality and applying it to saving and investing. Digital investment services need to be simple, intuitive, and have a key eye on cost, which has meant that ETFs are often the unseen investment engine used to achieve people’s financial goals.”
Moola aims to fill what it describes as a hugely important niche in UK financial services, where it says 5.5m people with disposable income have no access to financial advice.
The company received backing from Run Capital, Odysseus Investments and a consortium of private investors in a funding round earlier this year.