Robo-adviser teams up with Danish bank

Robo-adviser teams up with Danish bank

Robo-adviser Munnypot has entered into a partnership with a Danish bank.

The white label deal will see Munnypot work with Jyske Bank to offer an online investment advice service called Jyske Munnypot.

It will launch in the first half of 2018 and will be available to Jyske Bank customers to provide regulated advice with ongoing monitoring.

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Andrew Fay, chief executive and co-founder of Munnypot, said: "We are delighted to partner with Jyske Bank and bring the Munnypot service to one of the most prestigious banks in Europe.

"We know, first hand, the time and resources required to build a robust online investment advice proposition and that for most firms, partnering is the best and most efficient route to developing an innovative, client-engaging service."

Munnypot launched earlier in 2017 offering a minimum investment of £25 a month or a £250 single investment amount.

Mr Fay and his fellow co-founder Simon Redgrove were the duo behind Aim-listed Cavanagh Group, which was bought by Close Brothers for £26m in 2011.

René Schjøtt Brogaard, head of investment solutions at Jyske Bank, said: "Jyske Bank and Munnypot both have the same goal: to help people make the right investment decisions by building an innovative, engaging and customer-focused proposition."

Munnypot charges a platform fee of 0.11 per cent and an investment fund fee ranging from 0.15 per cent and 0.22 per cent plus a tiered monitoring fee and a one-off fee for advice to set up the pot.