The two Octopus Group companies complete migration of OpenMoney customers less than three months post acquisition.
Octopus Money, the company working to make money advice accessible to everyone, has carried out a successful migration of its customers ‘assets onto a single platform, powered by its sister company Seccl, the embedded investment platform.
Octopus Money launched in May 2023 as the new home for all money-related advice at Octopus, building on the successes of Octopus MoneyCoach and Octopus Wealth. Seccl has been part of Octopus Group since its acquisition in 2019.
As the group’s second mass consumer brand after Octopus Energy, Octopus Money partners with people-centric workplaces to help their employees make the most of the money and benefits they receive. In total, more than 200,000 employees have access to Octopus Money coaching through their workplace. It also looks to grow through acquisition – and reached a deal in October 2023 to provide a new home for customers of OpenMoney and evestor.
To create a consistent experience across its growing customer base, the two Octopus Group companies worked together to migrate Octopus Money’s books, including £175 million of assets from the deal with OpenMoney, onto a custom-built platform powered by Seccl.
The new platform embeds Seccl’s custody and trading services, portfolio management functionality and digital tax wrappers within Octopus Money’s broader coaching, advice and DIY journeys, offering a simpler digital journey that can flex to suit the diverse needs of its customers.
Octopus Money and Seccl completed the migration of the OpenMoney book in December – less than three months after its acquisition. The Octopus Money migration is the latest in a series of high-profile migrations for the business, following recent announcements that Soderberg and Cooper Parry Wealth have selected it to power their new platforms. Octopus Group has also since announced that it will increase its shareholding in Seccl.
David Ferguson, CEO of Seccl, said: ‘I’m absolutely loving being part of the growing Octopus Group, and couldn’t be happier that we’re extending that relationship further through this project. Octopus Money is a fantastically exciting business that’s reimagining advice for a new generation of would-be investor – and we’re excited to be doing our bit to power it.’
Ruth Handcock, CEO of Octopus Money, said: ‘We want to make financial advice and investing accessible to everybody – all while giving the brilliant customer service that Octopus is known and loved for. Technology has a pivotal part to play in making this mission a reality, helping us to shape a customer experience that’s as seamless as it is affordable.
‘Seccl is rapidly cementing its place as the default choice for forward-thinking firms in our market, allowing them to build modern investing journeys at a pace – and cost – that would have been unthinkable even a few years ago.’