Employee benefits provider JLT has bought robo-adviser Moola for an undisclosed sum.
Following the acquisition Moola will become a "core offering" on Benpal, JLT’s rewards and benefits platform, while continuing to be available through its website and other channels.
Bala Viswanathan, chief executive of JLT, said: "Employee wellness is going to form an integral part of our UK employee benefit’s proposition, and Moola will enhance our financial wellbeing offering.
"Given this shared ethos we believe JLT provides the right home for Moola."
He said employees of Benpal’s corporate customers stood to benefit from the simplicity of Moola’s money management solution.
"We are confident that Moola will be a welcome addition to our Benpal proposition by offering a more flexible investment option."
As part of the deal, every member of staff at Moola will transfer to JLT.
Moola was authorised by the Financial Conduct Authority in 2016 with the aim of providing "accessible investing" for as little as £50.
It was founded by TV personal finance expert Gemma Godfrey and had been backed by Run Capital, Odysseus Investments and a consortium of private investors.
Ms Godfrey said: "At Moola we are focused on championing the consumer by providing the knowledge, tools and service to help more people save and invest more easily. We are delighted to be joining JLT and welcome the opportunity to work together to engage a broader customer base.
"With an increasing volume of people looking to their employer for financial wellbeing solutions, and JLT’s expertise and like-minded approach in this area, Moola’s existing clients will also benefit greatly from the scale and breadth of JLT."
damian.fantato@ft.com
