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Another of SETsquared’s incubated businesses has made a big exit this week, in a deal with Momentum.
YourWealth.co.uk and its Money Hub app technology have been acquired by Momentum in the UK, pending regulatory approval.
A virtual member of The University of Bristol’s SETsquared centre in the Engine Shed, the company’s award-winning technology has been widely acclaimed since its consumer launch last summer. It has been recognised by both the technology and financial sectors for bringing to market accessible technology which gives people total control and visibility of their entire financial affairs, and an ability to manage this more effectively throughout their life.
Toby Hughes, founder and CEO of Yourwealth.co.uk, said of the deal: “My vision when we set out was to empower people to make better choices over their financial futures by using our technology. The deal gives us the opportunity to fast track development for both YourWealth.co.uk and MoneyHub app to accelerate that vision.
“Given the positioning and vision of Momentum, and its financial resources, we have reinforced our commitment to building one of the world’s most powerful financial technology solutions that will benefit both consumers and their advisers.”
Nick Sturge, Director of the Bristol SETsquared Centre, added: “Bristol has worldwide recognition for innovation in the aerospace, microelectronics and creative industries as well as being a centre for financial services. This exciting announcement proves that Bristol is also a centre for innovation in financial services, along side other innovators such as Bristol company, Hargreaves Lansdown. We are delighted to have been help Toby and the team on their rapid ascent.”
Ferdi van Heerden, CEO of Momentum in the UK said: “This acquisition is exciting for Momentum as it is in line with our South African Financial Wellness initiative aimed at providing consumers with pertinent information to assist them to manage their financial wellness accordingly. This acquisition ensures that the same holistic approach to financial wellness can be provided to our UK clients.
Van Heerden commented: “The team at YourWealth.co.uk has demonstrated that they can develop game-changing technology solutions in a fast changing financial services consumer space when they launched YourWealth.co.uk, and Money Hub in 2013. We believe these technology solutions will continue to evolve and financially empower consumers across the UK (often in partnership with their advisors) by enabling them to track and to take control of their financial affairs as their needs change through their lives.”
“At Momentum, we recognise the value of entrepreneurial thinking – the YourWealth.co.uk team clearly falls in this category and we are excited to have them as part of our team. We will continue to support them to deliver on their vision, with all the resources we have within our broader business.”
Aimed at people with anything from £5 to £50 million, YourWealth.co.uk and Money Hub offer access to information, products and financial advice. Most importantly, people are able to see their complete financial universe from liabilities to savings, investments to future plans. The technology synchronises across people’s phone, tablet or desktop computer.
Money Hub is currently tracking £1.74bn of consumer assets for its registered users.
Momentum UK (consisting of Momentum Global Investment Management and MMI Holdings UK) forms part of MMI Holdings Ltd (MMI), one of the largest financial services groups in South Africa. The group’s stated vision is to enhance the lifetime financial wellness of people, their communities and their businesses, and it provides a range of life, health and general insurance solutions, as well as investment and savings solutions to a broad range of retail and corporate clients. To date, Momentum in the UK has been focussed on offering a range of investment solutions for UK and global clients.
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