Prosper (Investing & Saving) Reviews

What does Prosper do?

Prosper is an FCA-authorised digital wealth management and investment platform offering ISAs, SIPPs, GIAs, savings, and soon private market access. It’s not a traditional asset or portfolio management firm—it’s a low-cost investment platform.

Offerings and Fees

The platform offers access to over 150 funds, including 30 flagship “qualifying” funds with no ongoing charges (Prosper absorbs those fees) and a single ready-made portfolio (“Standard Fund”) at an annual 0.17% fee. There are no platform or dealing fees. SIPPs are also free, and you can accept employer contributions. Remaining uninvested cash earns no interest.

The mobile app (iOS/Android) is clean and easy to navigate, providing detailed fund info, performance, risk metrics, and screening tools. Account opening is digital and fast (<5 min) with biometric app-login. UK-based customer service (phone & email) is responsive on weekdays.

Is Prosper safe?

Yes. It is FCA-authorised, uses segregated custody with an FCA-regulated provider (Seccl), and eligible funds/savings are covered by FSCS up to £85,000. Operational safeguards like biometric login and encryption are in place.

Is Prosper a wealth management company?

It operates as a digital investment platform offering investment accounts (ISA/SIPP/GIA) and curated funds to help users manage wealth. However, it’s not a traditional advisor or discretionary wealth manager; users make their own investment choices via the platform.

Who regulates Prosper?

Regulated by the UK’s Financial Conduct Authority through two entities: Prosper Savings Ltd and Prosper Capital LLP (FCA no. 991710). Client assets are held by Seccl Custody Ltd, also FCA-authorised (reg no. 793200). Prosper is additionally registered with the Information Commissioner’s Office under the Data Protection Act.

Market Position & Trustworthiness

Recent analytics show positive growth in users and website traffic, but relatively low brand awareness/popularity online. Some caution is advised due to its young age (founded 2019) and limited size; Reddit users note it’s still burning cash and evolving.

However, as Prosper, is a start-up saving and investment platform, they recently received £2 million in funding from venture capital (VC) firm Fuel Ventures.

The investment comes as part of a broader £4 million funding round, with Prosper planning to use the money to scale its customer base and launch a private markets investment offering.

Other early-stage backers to take part in the round include sports star led VC firm The Players Fund, which invested on behalf of 60 professional sportspeople.

These include England cricket captains Ben Stokes and Jos Buttler, as well as Olympic and world champions Dame Jess Ennis-Hill & Dame Sarah Storey, and gold medal cyclist Tom Pidcock.

Arsenal & Bayern Munich footballers Ben White & Serge Gnabry also backed the new fintech. Liverpool footballer Cody Gakpo took part in the round directly.

The platform also states it is looking to leverage artificial intelligence to “revolutionise” its customer experience and diversify customer investments.

Defining itself as a wealth management service, it targets high-net worth individuals, who are typically defined as owning between £1 million and £5 million in liquid assets.

Prosper states it has attracted more than £200 million in assets under administration so far.

The firm states that in the future it will charge a “fair” platform fee as well as “low, fair and transparent fees for any other investment products we think represent great value”.

Prosper CEO and co-founder Nick Perrett said the platform aims to shake up the wealth management sector and bring it “into the 21st century”.

He said, “For far too long we have had a rough deal from wealth managers: high fees, or worse still hidden fees, companies that incentivise their people to sell products rather than giving us the help we need, and managing this entire process with painful PDFs and old fashioned technology,”.

Fuel Ventures founder Mark Pearson said the venture capital firm was attracted by the firm’s innovative use of AI to serve clients at scale. The business is making “huge waves” in the industry, he added.

Angel investors in the firm include big name backers such as Silicon Valley VC firm Andreessen Horowitz.

Challenger bank Monzo and US bank Capital One have also made early-stage investments in the business.

The firm says it is led by a “proven fintech team” previously involved in businesses such as robo-adviser Nutmeg and Tandem Bank.