Prosper is looking to emulate the likes of Wise in foreign currency exchange by undercutting the fees levied by wealth managers and offering high-interest bearing returns on balances.

The new business, dubbed Prosper, promises to offer the 'highest interest rates' on cash, alongside zero cost index funds from major asset managers, and future access to private market investments that offer higher potential returns.

“Most people are totally unaware of what they are paying to have their money managed, nor the fact that these costs can literally cut their future wealth in half,” says CEO Perrett. “It’s probably the largest bill you have, but never see. Our mission is to change that for millions of people worldwide.”

And it’s not just about costs, as Ricky Knox, Prosper’s co-founder and Chairman notes, it’s about access to the best returns, net of those charges. Prosper believes the days of the mutual fund supermarket are over.

“The investment universe has moved on,” says Knox. “There are less than half the number of public companies than there were 30 years ago, and over 85% of all US companies with more than $100m in revenue are not listed on the stock market. And yet the investment products we put money into haven’t changed.

“Unless you’re ultra wealthy, and have enough money to essentially buy access, you’re at a disadvantage and can’t access these potentially higher-yielding private investment opportunities. We want to give our members that access, levelling the playing field for the everyday consumer.”

Founders of Monzo, Capital One, World First, Tandem, Azimo, Embark, Comply Advantage, and Connect, MMC and Portfolio Ventures all contributed to Prosper’s £3.2m angel round. Early investors include the likes of Monzo co-founder Tom Blomfield and Matt Cooper, cofounder of Capital One Bank.

With initial backing secured, Prosper is now following the well-tread path of UK fintech startups by bidding to raise further funds through a crowdfunding campaign on Crowdcube.