INDEPENDENT UK law firm Burges Salmon has advised on a multi-million-pound funding round to support the launch of the new low-cost digital wealth platform, Prosper.
The platform challenges the prevailing high-fee culture in wealth management by offering high net worth individuals and affluent investors substantially lower fees compared to both traditional and digital competing platforms. Prosper will also offer its clients competitive interest rates on cash savings and a range of private and alternative investment opportunities.
Burges Salmon’s Fintech team, led by Edinburgh-based associate Niall Mackle and partner Alex Lloyd, advised Prosper on its pre-seed fundraising. Investors included leading fintech figures, including Monzo’s co-founder Tom Blomfield, ComplyAdvantage executive chair Charles Delingpole, and Capital One’s co-founder and former Octopus and Tandem chair Matt Cooper.
Niall Mackle commented: “It has been a pleasure to work with Nick and the wider team on this significant fundraising round to enable the launch of their wealth challenger app Prosper. The platform is an ambitious move to revolutionise the traditional wealth management industry and we look forward to working again with Prosper as it continues on its upward growth trajectory.”
Nick Perrett, CEO of Prosper, added: “With Prosper, our aim is to drastically cut the standard fees in the wealth industry, build a customer champion business and unlock value for our members. We’d like to thank Niall, Alex and the wider Burges Salmon team for the strong level of support and guidance we received throughout the process. The team handled complexities with ease and smoothly led us through our successful launch.”
Ranked as a Tier 1 practice in UK legal directories, Burges Salmon’s Fintech team brings together a group of lawyers with expertise in financial regulation and products, corporate, technology and data, banking and capital markets, employment, and IP, to assist fintech clients seize opportunities and established financial institutions transform. The team’s clients include start-ups, high growth scale-ups, international and global financial institutions, and other major corporates.
