Prosper is a fintech app designed for “long-term savers who want to maximise the potential value of their wealth over the next decade or more.” The proposition focuses on providing users with access to tax-efficient investment and savings accounts with low and transparent fees and a specific set of funds and ready-made portfolios.
Prosper was founded in late 2021. The company was funded by the founders until March 2022 when the first angel and institutional investors funded the company.
Prosper successfully closed its first crowdfunding campaign, raising over £1m, in addition to the £3.2m raised from investors including notable fintech figures like Tom Blomfield and Matt Cooper.
Founded by fintech entrepreneurs Ricky Knox, Nick Perrett, and Phil Bungey, who have experience with Nutmeg and Tandem Bank, Prosper launches with a founding members’ invite-only public offer, featuring zero platform fees and zero transaction fees until they hit £20m.
Prosper Facts
The successful closure of Prosper Savings’ first crowdfunding campaign, raising over £1m, highlights investor confidence and early interest in the platform.
The involvement of notable fintech figures like Tom Blomfield and Matt Cooper as investors adds credibility and industry recognition to Prosper Savings.
The platform’s focus on disrupting the high-fee culture of the wealth industry aligns with broader consumer trends towards transparent and cost-effective financial services, potentially positioning Prosper Savings as a disruptive force in the market.
Onboarding & Initial Investment Journey Walkthrough
Key Takeaways
Product:
Prosper launches with a founding members’ invite-only public offer, featuring zero platform fees and zero transaction fees until they hit £20m.
The founding offer will expire on 31st July 2024 if the asset value doesn’t reach £20m before. At the time of the press, £5m remains.
All new customers after this date or after the £20m milestone will be subject to what Prosper deems as a fair platform fee, and low, fair transparent fees for products.
Their aim is to disrupt the high-fee culture of the wealth industry in favor of the customer.
User Experience:
Aside from a few lovely animated illustrations used to increase engagement on feature intro and explainer screens, the rest of the UI is simplistic and purely functional.
It’s certainly a no-frills design, possibly crafted quickly using an off-the-shelf UI kit or a bespoke system designed to launch a simple set of features as quickly as possible.
We observed a bug in the app: the ability to tap a back button and re-enter ‘sign up mode’, causing confusion and leaving users uncertain about whether their account had been successfully created. However, upon logging back in later, the back button had been removed.
Ultimately, one small bug is forgivable, and the strategy to deliver a small set of simple and useful functions to launch a proposition that meets a clear need is already paying dividends, as Prosper is ahead of its target and may end its founding member offer ahead of the planned expiry date.
After all, form follows function, wouldn’t you agree?
