LONDON — Uber has partnered with digital wealth manager MoneyFarm to offer its UK drivers pension and ISA products.
Uber will offer a cobranded version of MoneyFarm’s wealth management app to its estimated 40,000 drivers in the UK. It follows a similar deal with US digital wealth manager Betterment last summer.
MoneyFarm cofounder and chairman Giovanni Dapra told Business Insider: “They’re very concerned about their drivers and this was a great way to provide a very strong benefit to their drivers while leveraging what we think is our best in class digital technology and wealth management platform.
“We’re one fo the very few in the market that’s able to offer that at scale. That’s why I believe Uber chose to partner wth us.”
Dapra said the startup has been talking to Uber for around 3 months and said the deal is a “big opportunity” for MoneyFarm, which launched in the UK a year ago.
“It’s going to be specific offers for Uber drivers but the product will be delivered by MoneyFarm,” he said. “Effectively, we are the responsible party and we are the licensed party able to advise and provide the financial investments in ISAs and discretionary wealth management.”
MoneyFarm, originally founded in Italy, is one of a number of so-called “robo advisor” startups that have sprung up over the last 18 months. These startups offer only investment advice and wealth management.
MoneyFarm, which is backed by German insurance giant Allianz, says it is seeing 16% monthly growth and has seen customer numbers rise close to 150% in the last three months.
Dapra said: “We’re very pleased about the growth. If you look the expectation we had, which was that the UK was ready for a digital wealth management product — that’s right. Overall we’re very pleased about where we are in the UK.”
MoneyFarm employs 81 people in its London office, recently beefing up its management team there.
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