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Prosper tops up pre-seed raise with £1m crowdfund

Some 407 backers took part in the crowdfunding round

Nick Perrett / Prosper

Nick Perrett / Prosper

Wealthtech app Prosper has closed its first crowdfunding campaign, raising over £1m and topping up the £3.2m it had already raised from investors including Monzo's co-founder Tom Blomfield — a story exclusively revealed by AltFi last month.

Prosper was founded by fintech heavyweights Ricky Knox, Nick Perrett, and Phil Bungey and operates a low-cost investment app, offering high interest cash savings along with zero cost index funds in a move to undercut the wealth sector’s high-fee culture.

"Having only launched the company last month, to get such amazing momentum and a fantastic set of new shareholders is a true endorsement,” Nick Perrett, CEO and founder of Prosper said.

“We can now deliver on our mission of maximising the potential wealth of our members from a position of strength.”

The round was 170 per cent oversubscribed with £1.02m raised and Prosper said it hit its £600,000 target in just four hours.

Some 407 investors took part in the round with an average investment of £2.5k per investor and from as far afield as New Zealand, Malaysia and Australia.

“Having shipped ISA, GIA and SIPP accounts with access to zero fee index funds this year, we are excited to start helping people maximise their cash interest rate and opening up alternative investments in 2024,” Perrett said.

As part of its pre-seed round Prosper has attracted investments from leading fintech figures, including Tom Blomfield, ComplyAdvantage executive chair Charles Delingpole, and Capital One's co-founder and Tandem chair Matt Cooper.

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