British digital bank Monzo has launched a new investment feature that allows users to start investing with as little as £1.
Key Points:
- Monzo, a British digital bank, has launched a new investment feature called Investments.
- The feature allows users to start investing with as little as £1.
- The feature is powered by BlackRock, one of the world’s largest asset managers.
- The feature offers users a choice of three funds: Careful, Balanced, and Adventurous.
- Monzo says that it designed the Investments feature to be as simple and easy to use as possible.
- The launch of the Investments feature is part of Monzo’s broader push into new areas of financial services.
The feature, called Investments, is powered by BlackRock, one of the world’s largest asset managers. It offers users a choice of three funds: Careful, Balanced, and Adventurous. The Careful fund is designed for investors who want to minimize risk, while the Adventurous fund is for those who are willing to take on more risk for the potential of higher returns.
Monzo says that it designed the Investments feature to be as simple and easy to use as possible. Customers can start investing in just a few minutes by following the steps in the Monzo app.
“We know that there are a lot of barriers that stop people from investing,” said TS Anil, Monzo’s co-founder and CEO. “We wanted to create a product that was affordable, accessible, and easy to use, so that anyone could get started.”
A recent survey by Monzo found that 69% of people in the UK are not sure where to go for an accessible and simple-to-use investing product. The survey also found that 60% of adults would be inclined to invest if the minimum investment amount was low.
Monzo’s Investments feature is available now to all eligible customers. The company says that it plans to roll out the feature to all of its customers in the coming weeks.
The launch of the Investments feature is part of Monzo’s broader push into new areas of financial services. The company recently launched a new savings product called Monzo Save, and it is also planning to launch a credit card in the near future.
Monzo is one of several British fintech companies that are expanding into new areas of financial services. Revolut, for example, has also launched an investment product, and Nutmeg is a leading online investment platform.
The growth of fintech is being driven by a number of factors, including the increasing popularity of mobile banking, the rising cost of living, and the growing demand for personalized financial services.
Monzo’s Investments feature is a good example of how fintech companies are using technology to make financial services more accessible and affordable for everyone.
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