The robo advice firm was launched in 2018 by ex-hedge-fund bosses with the goal of eventually selling its tech to incumbents but also entered the consumer market at launch.
Tiller Investments, a digital wealth manager, has closed its consumer-facing business a year after launching as it focuses more on its software business.
The firm, which was set up by the duo behind hedge fund boutique Ermitage, Ian Cadby (pictured right) and Jonathan Wauton (pictured middle), initially raised £9m, £2m from its senior management team
Tiller stood out in a crowded market offering exposure to actively managed funds as well as ETFs. It also had harboured plans to offer both a consumer channel as well as a SaaS business aimed at helping private banks and wealth managers with the digitisation of their core services.
“The FCA regulated platform was not primarily set up to capture B2C directly. We planned to use it to build aum via B2B deals,” Cadby told AltFi.
He adds that the firm is concentrating on its B2B business and is in discussion mid and large sized traditional wealth managers.
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