Robo advisory platform Munnypot began the month announcing a new relationship with business process management specialist Capita. Now the U.K.-based FinovateMiddleEast alum is ending the month with news of a major new investment from private equity firm, Livingbridge.

The amount of the investment was not disclosed. Livingbridge typically invests equity of as much as $6.6 million (£5 million). Munnypot said it will use the funds to further develop its robo advisory solution.

“We are delighted with Livingbridge’s investment which will enable us to scale up our business and further develop our offer for consumers,” Munnypot CEO Andrew Fay said.

Munnypot CEO demonstrating the company’s robo advisor platform at FinovateMiddleEast 2018.

Munnypot provides automated financial investment services for as little as £25 a month and/or a single £250 investment. The platform leverages chatbot technology to encourage investors to maximize annual ISA allowances, and monitors fund performance against goal-based objectives. If performance is out of line, Munnypot automatically suggests alternatives for the investor to consider.

“We are excited to be supporting Munnypot in the early stages of their development,” Livingbridge investment director Steve Cordiner said. “The robo advisor sector has grown quickly in recent years and Munnypot has a strong proposition; delivering low cost and affordable advice to consumers.”

Munnypot’s funding news comes just weeks after the company announced a strategic “scaling” partnership with Capita, which took a minority stake in the robo advisor. Via this partnership, Munnypot will help Capita develop solutions for wealth management companies. Earlier this year, Munnypot reported that it would power the robo advisor platform for Jyske Bank in Denmark. The deal represented the company’s first European white label partnership.

“We know, first hand, the time and resources required to build a robust online investment advice proposition,” Fay said in a statement accompanying the partnership announcement. “For most firms, partnering is the best and most efficient route to developing an innovative, client-engaging service.”

Founded in 2015 and headquartered in Crawley, U.K., Munnypot demonstrated its goal-based, online investment advice solution at the inaugural FinovateMiddleEast conference earlier this year. Unlike many robo advisors that seek customers from among the mass affluent, Munnypot is designed for those who traditionally have not been able to access financial advice, as well as investors looking for a cost-competitive alternative to other advisory services.

Robo advisor and FinovateMiddleEast 2018 alum Munnypot has picked up a new investor. Capita announced late this week that it would take an equity stake in the company and will license Munnypot’s technology for its own clients. The amount of the investment was not disclosed, but the company said the funding gave Capita a minority holding in the firm and Capita emphasized the strategic nature of the partnership.

“We are enabling our financial services clients to address the growing digital savings market in an effective way, helping a dynamic startup to achieve critical mass and create sustainable U.K.-based digital jobs,” Capita CEO John Lewis explained. “We’re continuing to innovate and strengthen the digital platforms we offer to our clients to deliver real value and create future sustainable growth.”

Munnypot’s robo advisor platform is designed specifically for those who typically are unable to access financial advice due to the cost or investment minimums they cannot meet. At a price point similar to other online, self-serve robo advisory solutions, Munnypot leverages chatbot technology to help clients make investment decisions that match their appetite for risk and best enable them to meet their financial goals.

In addition to helping new investors, Munnypot offers more experienced investors an alternative to traditional financial advisors that can result in savings of as much as 75% on ongoing yearly fees and 75% on upfront advice fees. With a minimum investment of £250, Munnypot’s one-off upfront advice fee upon setting up the customer’s “pot” starts at £5 with a monthly monitoring fee starting at £0.42p. Fees top out at £500 for the one-off fee for accounts over £100,001, and £41.66p for monthly monitoring. The B2B solution is FCA-regulated and available as a white label solution.

Munnypot CEO Andy Fay said the new partnership with Capita was a “significant milestone” for the company. “Clients can now transact with us, knowing that we’re still the same independent, innovative, agile business but with the comfort of knowing we have the support of Capita plc as a shareholder,” he said.

Founded in 2015 and headquartered in Crawley, U.K., Munnypot demonstrated its robo advisory platform at the inaugural FinovateMiddleEast in February. Earlier this year, the company partnered with major Danish bank, Jyske Bank, becoming Munnypot’s first European white label customer.