Monzo, a leading digital bank with more than 12 million customers, is migrating its rapidly growing investment offering to Seccl, the Octopus-owned embedded investment platform.
Since September 2023, Monzo customers have been able to open investment accounts and access a range of multi-asset funds directly within their app. As well as a Stocks and Shares ISA and General Investment Account (GIA), Monzo also launched a pension tracing and consolidation service in July 2024.
Today, over 300K existing customers with an Investments or Pensions account were notified of the intention to migrate assets to Seccl as it takes over the provision of custody, wrapper administration and investment services for Monzo customers. BlackRock will continue to manage the funds available to Monzo Investments and Pensions customers.
Monzo selected Seccl as its new technology partner in January. Following a smooth and successful technology integration, the first assets were placed on its new, Seccl-powered proposition in May.
By the beginning of July, new Monzo investment accounts were powered by Seccl. The migration of its existing investor base is scheduled for September.
As part of the migration, Monzo is introducing a range of exciting new features – starting with a fully digital accumulation SIPP (to which customers can make new contributions, as well as consolidate existing pensions) and the ability to trade ETFs. Customers can expect the same seamless experience they’ve come to know and love from Monzo with the new Seccl-powered proposition.
David Ferguson, CEO of Seccl, said: “Monzo has justifiably become one of the most well-known banks in the UK over the last decade. Built around digital journeys that delight, not diminish (and supported by a healthy splash of Hot Coral), it has done what ten years ago would have seemed impossible: built a bank that people actually love.
“We couldn’t be more excited to support them as they continue to bring their bold mission and brilliant customer experience to the world of investing. Over the past few months, we’ve worked closely with their team to seamlessly integrate our technology and get customers up and running on our platform. We look forward to watching many millions of people invest effortlessly and affordably thanks to this partnership.”
Andy Smart, CPO of Monzo said: “In line with our mission to make money work for everyone, we’ve helped to demystify investing for thousands of customers, making it simple, transparent and affordable. Working with Seccl means we can go even further and introduce more exciting features and tools that help our customers grow their money, all within the Monzo app.”