Prosper raises £3.2m angel round to build the Wise of Wealth-Tech

Founded by Nick Perrett (PICTURED) of digital bank Tandem, Ricky Knox of Tandem and Azimo, and Phil Bungey of Nutmeg, new wealth-tech platform Prosper plans to revolutionise how we save and invest.

Like other fintechs have done for currency exchange and banking, Prosper is building a customer champion business, because it is on a mission to maximise its members’ long-term wealth potential. It will do so by launching with the highest interest rates on cash, offering zero cost index funds* from major asset managers, and opening access to alternative private market investments that offer higher potential returns.

The founders of Monzo, Capital One, World First, Tandem, Azimo, Embark, Comply Advantage, and the Connect, MMC and Portfolio Ventures all contributed to Prosper’s £3.2 million angel round, backing the company to shake up the way people manage their wealth.

“Most people are totally unaware of what they are paying to have their money managed nor that these costs can literally cut their future wealth in half,” stated Nick Perrett, founder and CEO of Prosper.

“It’s probably the largest bill you have, but never see. Our mission is to change that for millions of people worldwide.”

“We also know just how much interest customers fail to get on their cash. We want to change that by making it easier to just keep cash on top rates. We are excited to give more back to our members, helping them get more of the life that they want.”

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,” stated Ricky. “There are less than half the number of public companies that there were 30 years ago, and over 85% of all US companies with more than $100 million 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 distinct disadvantage because you can’t access these potentially higher-yielding private investment opportunities. We want to give our members that access to level the playing field for everyday consumers.”

Early investors in Prosper’s vision include Tom Blomfield, founder of Monzo, which now has over £6 billion in deposits and 7.4 million customers, and Matt Cooper, cofounder of Capital One Bank, one of the world’s first true fintech business, which he helped grow to 2 million customers and £275 million in revenue.

Prosper’s founders’ prior experience lends itself to the challenge of building a wealth-tech:

Nick Perrett and Ricky Knox built digital bank Tandem together. It now has over £2bn in assets under management and is one of the leading purpose-driven fintechs in the UK being focused on green lending.

Phil Bungey is the former COO of Nutmeg, which is one of the most successful digital challengers in the British wealth management market. It had a customer base of in excess of 140,000 investors and amassed over £3.5 billion of assets under management before being bought by JP Morgan for £700 million in 2021.

With around 1 billion high net worth and mass-affluent investors worldwide getting a raw deal on the money they’ve earned, Prosper will be on their side, a consumer champion business that will help them to realise the full potential of the largest financial asset they have.

When you invest, your capital is at risk. ISA/SIPP eligibility and tax rules apply. Tax relief depends on your personal circumstances and current rules can change.

Alternative and Private Markets disclosure. Don’t invest unless you’re prepared to lose all the money you’ve invested. This is a high-risk investment. You could lose all the money you have invested and are unlikely to be protected if something goes wrong. Take 2 min to learn more.

* For founding members (initial offer terms apply)

https://www.joinprosper.co.uk

Vibrant Queens Parade Re-opens In Willesden Green

This week, the Queens Parade retail space in Willesden Green is once again open for business with a vibrant collection of start-up businesses and projects. The parade of eight shop units and offices - which has not been in retail use for many years - is now home to thirteen creative enterprises that offer a range of goods and services, from home-wares and interior design, to an art gallery and a vintage clothes emporium.

The former textiles building has been secured by the New Windows on Willesden Green project on a 'meanwhile' lease to give these fledgling businesses a chance to try out their ideas in a well-located high street space. The building's run-down façade is being given a new look, care of designer Kieren Jones, and the interior decorations have been carried out with the help of Painting and Decorating students from the local College of North West London.

The reactivation of this underused high street building is part of the New Windows on Willesden Green project supported by the Mayor's Outer London Fund. It is being delivered for Brent Council and Design for London by The Architecture Foundation in collaboration with Meanwhile Space and Blue Consulting with the view to bring positive change and new audiences to Willesden Green.

A rigorous selection process was undertaken to choose which businesses and projects would benefit most from the space, contribute best to the local community, complement the existing businesses on the high street and work well together to create a new destination in Willesden Green.

Queens Parade will be hosting a series of exciting events, activities and workshops over the coming months, kicking off with its official launch celebration on 29 March 2012 from 5:30pm.

Over the forthcoming holiday there will also be events which are free and open to all, improving the appearance of the High Road and marking a new addition to Willesden Green's retail and cultural offer. There is also the opportunity to hone your own business skills at one of the Library Lab workshops in the Willesden Green Library Centre.

Please see http://willesdenwindows.com/ for further details.

Eddie Bridgeman, Director of Meanwhile Space, said "The people and projects who came forward have enabled New Windows on Willesden Green to become a real standard-setter for bringing new ideas to London's high streets. It brings diversity to what is already on offer in Willesden Green, making use of an otherwise under-utilised space, whilst giving people the chance to try out their big idea."

Queens Parade's new tenants are:

Unit 1: Art Lobby
A brand new contemporary audio-visual art gallery bringing together visual artists, sound artists and sound engineers to create work and provide audio description for visual works. There will be a programme to mentor artists, tours and visits to other galleries, artists' talks and workshops on different media techniques.
www.artlobby.org/

Unit 2: Jardins D'EDEN
Renewing centuries-old traditions, Jardins D'EDEN offers 100% natural and handcrafted body, bath and face treats for discerning urban dwellers, plus opportunities to learn how these to make the products and lead a healthier, natural and more sustainable lifestyle. www.jardinsdeden.co.uk/

Unit 3: Roses & String
Roses & String makes and sells a range of beautiful home-wares, accessories and gifts, all created by local crafters, including cushions, frames, mirrors, candles, bags, jewellery and much more. Come in and see owners Laura and Heather busy making something new in-store or join their 'Chit Chat and Make That' group! http://rosesandstring.com/

Unit 4: Vintage Green
Vintage Green is a collective of three local, independent vintage traders: Fox & Bear, Pie & Brush and Bumblehog. Not only will Vintage Green be a place where you can rummage for unique, hand-picked items, but their in-house photographer Virginie Anne Hebert from plumkinpiestudio will all be taking bookings for vintage-inspired photo-shoots! www.facebook.com/vintagegreene www.plumkinpiestudio.com/

Unit 2 (Back Office): Paint Mine
Paint Mine is a website hosting and graphics studio, offering a wide range of business branding services, from logo design to custom website construction and maintenance. Get started today and you could be up and running within a week! http://paintmine.com/

Unit 5: My Pop Up Design Shop
My Pop Up Design Shop is an exciting new retail outlet for homewares and design led accessories, sourced from locally-based designers. The space, run by successful interior stylist, Zoe Brewer, will offer free weekly design and styling drop-in consultation and workshops. Zoe will also be utilising the workspace to start production on her own product range and upcycled furniture. www.mypopupdesignshop.co.uk/

Unit 6: The Unlimited Printshop
The Unlimited Printshop includes a work experience training scheme for a group of young people with a learning disability, focusing on screenprinting and other creative processes. The space will contain an exhibition, a retail outlet for prints and crafts made by trainees and by users of Brent daycentres, and studio offering creative collaborations and a print service. There will also be a weekly art club, mentoring for artists with a disability, workshops and events in the space. www.unlimitedprintshop.wordpress.com/

Unit 7: Indikidual
Indikidual is a unisex, organic kids' clothing collection with a difference. It's all about having fun, being individual and staying cute and cool at the same time. Indikidual will sell clothing and also run creative play and making workshops, individual-style! http://indikidual.tumblr.com/

Unit 7: Ariane Prin
Ariane is a product designer who believes the role of designers today is to find methods of making that apply to localised contexts and that design is at its best when it is paired with those things outside the design world. In Queens Parade, Ariane will be exploring a socially, economically and environmentally self-sufficient system called 'From Here For Here'. Using waste generated from local businesses, she will create designed products which will be made from and labelled with the identity of Willesden Green. www.arianeprin.com/

Unit 8: The Wise Owl Venue
The Wise Owl Venue will be the events hub of Queens Parade - hosting workshops, talks, music and cinema events. It will be the information, marketing and programming point for Queens Parade and will also be programming events at the new Library Lab in the Willesden Green Library Centre. Joanna and Sharon, both grew up in the area are proud to bring a new and exciting venue to Willesden Green!
www.thewiseowlvenue.blogspot.co.uk/

Unit 7: Punch & Juicy
Founded by formerly homeless entrepreneur Davina Roberts, Punch & Juicy is an award-winning social enterprise providing a healthy alternative liquid and whole food bar, selling mainly drinks and packaged foods from at least 30% locally sourced produce. Punch & Juicy will also offer workshops encouraging people to lead healthier, more balanced lifestyles. www.facebook.com/pages/Award-winning-Social-Enterprise-Punch-and-Juicy-Liquid-Foods/210489824728

Full details are on http://willesdenwindows.com/

FACTFILE:
This project is an exciting opportunity to revive and improve Willesden High Road bringing positive change to the area. The project is delivered with support and advice from Design for London and runs from October 2011 to March 2012.

A further exciting element of the Mayor's Outer London Fund work in Willesden Green is the 'Library Lab' which is hosted by Architecture 00:/ in association with New Windows on Willesden Green in the Willesden Green Library Centre.

From October to December a curated series of window animations was installed along the High Road marking the 25 days leading up to Christmas. Local Willesden shop-owners were paired with emerging designers to produce an advent calendar of window displays along the High Road. In addition, a series of public events was held on 16-18 December along the high street and in the project's Pilot Shop, a formerly vacant unit at 45 Walm Lane which the project reactivated and used as its key local information point. As a result of the reanimation of this empty premises for the project, it became more of an attractive proposition and a new commercial tenant has just taken on a new lease there.

From January to March 2012 the second phase of the project concentrates on bringing life back into vacant properties along the High Road, providing start-up companies with the opportunity to take up short-term residencies at reduced rents. This programme is complemented by the 'Library Lab' which provides local enterprises, businesses and start-ups with business clinics, capacity building workshops and a co-working space.

The Outer London Fund
The Mayor of London's Outer London Fund is a three-year initiative dedicated to strengthening the vibrancy and growth of high streets and their environs. At the centre of the initiative is funding of up to £50 million, supported by the offer of advice from the Mayor's Design for London team that can be targeted at improving the character, quality and economic vitality of selected high street places.

Outer London Fund support is allocated in two rounds; the first provides an immediate opportunity to access funds and advice for clusters of readily deliverable projects. These should make a visible, contribution to the vibrancy and self-confidence of high street places in the near future. On 3 August 2011 the Mayor announced the Round One successful bids - the award of nearly £10m of funding to 20 boroughs across the capital. The London Borough of Brent received £500,000 for Willesden Green.

The second round will continue the package of support, adding more places and shifting the balance towards more substantial physical projects that can deliver lasting improvement.

www.london.gov.uk/priorities/business-economy/investing-future/outer-london-town-centres

www.designforlondon.gov.uk

Brent Council
The London Borough of Brent is a located in North-West London, UK and forms part of Outer London. www.brent.gov.uk

The Architecture Foundation
Founded in 1991 as the UK's first independent architecture centre, the Architecture Foundation is a non-profit agency for contemporary architecture, urbanism and culture. We cultivate new talent and new ideas. Through our diverse programmes we facilitate international and interdisciplinary exchange, stimulate critical engagement amongst professionals, policy makers and a broad public, and shape the quality of the built environment. We are independent, agile, inclusive and influential. Central to our activities is the belief that architecture enriches lives.

People who wish to get involved in 'New Windows for Willesden Green' in any way should contact The Architecture Foundation on Willesden@architecturefoundation.org.uk or 0207 084 6767.

www.architecturefoundation.org.uk

(EDITOR: That's Business wishes all concerned well for the future of their enterprises.)


Meanwhile Space

Meanwhile Space are a Community Interest Company that incorporated in July 2009, stimulated by a combination of the directors' track record for project delivery and a central government grant to the Development Trusts Association to deliver a nationwide initiative called the Meanwhile Project. The CIC is the delivery arm of the Meanwhile Project, which aims to boost community uses of empty properties and sites. The project has built a 'library' of ideas and information as a resource to make it easier for both the landlord and the project sides to realise Meanwhile opportunities, including the Meanwhile Manual, Lease and Insurance policies.

www.meanwhilespace.com

Statements of some of those involved:

Blue Consulting
Blue Consulting is an affiliation of independent consultants specialising in the management of functions and projects from full time interim placement to task focused projects and professional input. Combined skills are in town centre revitalisation and renewal, marketing and branding, PR, and property development (residential, commercial and hospitality).

Appropriate skills are matched to client needs with the right individual or team put in place for the job. Recent placements have included management of marketing and communications (Bena Properties, Syria), town centre regeneration management (Brent Council) and management of an enterprise agency (Brent Business Venture/Park Royal Partnership). Task projects have focused on feasibility, profitability and marketability of schemes including development planning and design, mixed use scheme (ASC Finance, Brighton), tourism and transportation development advice (Govt. of Equatorial Guinea), hotel development and branding (Mansouri Group, Sharm-el-Shiekh).

Architecture 00:/
Architecture 00:/ is a London based strategy & design practice. With a foundation in delivering award-winning architecture and commissioned research into the built environment, we are driven by an aspiration to create genuinely sustainable places founded on evidenced social, economic, and environmental principles.

We are currently working with a broad spectrum of clients and collaborators on a range of innovative projects from new civic institutions, neighbourhood development strategies, and self-led housing masterplans to new service delivery infrastructures for healthcare, learning, and creative enterprise, alongside a number of ultra-low-energy private houses. www.architecture00.net/

Start Out In Overseas Property Investment From Just £4,000

'Experience property ownership' has been developed with Barrasford & Bird Worldwide to give first time buyers more confidence and protection when looking to get into the overseas property market.

Experience ownership means investors actually have bricks and mortar fractional ownership providing five star properties at a low entry price. For example until March 1st, this can be purchased at our French Château de la Cazine from just £4,000.

UK property prices are still near their lowest, but high mortgage deposits and strict qualifying criteria makes the UK property market still very difficult for first time investors to get into. With an opportunity to purchase a slice of French property from £4,000, overseas Experience Ownership with Barrasford & Bird Worldwide couldn't be easier and achievable.

In return of investment, purchasers will become part-owners in their development of choice. The investments works at either you staying in your property free of charge for one week every year, or, place your week into the rental pool and generate a guaranteed annual return. The rental guarantee/ personal usage option will remain in effect for ten years.

Easy payment terms are available allowing owners to spread the cost of their investment over a twelve month period, interest free for only a small amount each month.

Generating the high returns you would expect from a traditional purchase, coupled with a guaranteed entry strategy- this unique opportunity means you can begin to use your property or generate returns from year one.

"The perfect opportunity for a first time investor and an essential addition to any successful property portfolio," said Robin Barrasford, Developer.

"We currently have access to a number of experience ownership properties through Barrasford & Bird Worldwide. Full and fractional ownership options are also available at our Resorts."

Visit www.bandbw.co.uk  or call 0800 1 303 101.

(EDITOR: That's Business recommends seeking expert legal advice before making any investment decisions.)

Corruption: Questions shareholders should be asking at the AGM to protect their investment

News that The Serious Fraud Office (SFO) won a civil recovery order against the principal investor of a company that had admitted corruption last week should come as a major wake-up call to investors and shareholders, says business risk experts Interchange – www.interchange-solutions.co.uk

The shareholder is now required to pay back dividends gained as a result of corruption in Iraq bridge-building contracts. The SFO took action in the High Court, which subsequently led to an order for the company, Mabey Engineering (Holdings) Ltd, to pay over £130,000 in recognition of sums it received through share dividends derived from contracts won through unlawful conduct.

“This is a very significant move by the SFO which should finally start to have investors asking searching questions of the companies in which they are investing or have already invested,” says John Burbidge-Kind, CEO of Interchange.

“This is the first time that the SFO has attempted to recover the proceeds of crime by targeting dividends paid in the UK. It sets an enormous precedent for investors and is even being reported that such action could hit pension funds if applied to listed businesses.”

“Shareholders and investors in companies are obliged to satisfy themselves with the business practices of the companies they invest in,” said Richard Alderman, Director of the SFO. “The SFO intends to use the civil recovery process to pursue investors who have benefited from illegal activity. Where issues arise, we will be much less sympathetic to institutional investors whose due diligence has clearly been lax in this respect.”

This action by the SFO follows recent reports that the Government plans to make shareholder remuneration votes mandatory in an attempt to curb excessive executive pay. “We may be seeing a very different relationship developing between company boards and their investors,” says John Burbidge-King.

For shareholders now concerned about their investment portfolios, Interchange has collated just a few questions that they might be asking of a company board at this year’s AGM:

• Has the company conducted a formal risk assessment of both the impact of bribery and the Bribery Act 2010, and what measures has it taken to mitigate that risk?

• Is the Audit Committee, or any other appropriate board committee, briefed? And does it understand the nature of the risks? Have members been trained to ask the right questions of the executive directors and management?

• Exactly who in the company has taken on the responsibility for ensuring compliance with the Bribery Act?

• Are you aware of any bribery or corruption that has taken place in the business in the past three years?

• Have any of the directors or agents in the business been involved in bribery in the past?

• Does the company engage with agents overseas, and if so how sure are you that they are not involved in bribery?

• Does the company have adequate procedures in place to prevent bribery as set out in the Ministry of Justice Guidance, and by now if not why not?

• Are there formal policies in areas such as Gifts and Hospitality and proper records kept?

• Is the company prepared for an external investigation by the Serious Fraud Office that will include all financial records including records and authorities for the payment of all agents and those “associated persons” acting on behalf of the company?

• Will the company’s insurers cover the costs of an investigation, and in the worst case the defence?

“The AGM represents a prime opportunity for stakeholders in the business to ask direct, face to face questions of the directors responsible for governing the company,” adds John Burbidge-King.

“The act of bribery and corruption itself is damaging enough if found guilty by the authorities, but the worst case scenarios demonstrate that the financial fallout goes a long way beyond direct penalties and will impact on the share price; honest investors dislike dodgy dealings and companies that do not hold up to scrutiny often find their share prices in free fall as a result.”

Canadian-British billionaire Victor Dahdaleh will today appear before a court in connection with fraud allegedly perpetrated against Aluminium Bahrain B.S.C., also known as Alba. The state-owned aluminium smelter claims that Dahdaleh and others bribed senior officials to overpay for millions of tons of raw material.

FACTFILE:
Formed in 2006, Interchange has an internationally experienced team of hands-on risk experts, all from a corporate background, operating exclusively in the field of mitigating bribery, corruption fraud and reputational risk.

Their sole focus is to help companies and organisations of all sizes and across all sectors underpin their reputation and enhance their business value by taking practical steps towards bribery risk mitigation while continuing to grow their business.

They work with customers across the world to understand and assess the specific risks they face and then help them to develop, implement and embed effective mitigation policies and processes into their business strategy.

They achieve this through a range of services and products, including executive education and briefings, risk based audits, training, policy, implementation process and documentation, and integrity due diligence of representatives and business partners, tailored to fit within your governance and risk management operating model.

2012 Could be the Year for Umbrella Companies, Say Umbrella Company Tarpon

The recent news of an extra boost for the umbrella company industry, in the form of a £1 billion grant, could support half a million jobs.

The new year could be the year for umbrella companies as the industry is boosted by an extra £1 billion injection in the Regional Growth Fund (RGF), assigned to help 500,000 people find jobs in 2012. The decision to award the RGF with an extra £1 billion is not only going to be beneficial for workers, but also those in the umbrella company industry.

A spokesperson for Tarpon explains:  “The news that the RGF is going to benefit from extra money really is fantastic, because it'll help give the employment market a really great boost in time for 2012. The RGF is a two year fund that's designed to support a number of projects and programmes that create economic growth and sustainable employment. So getting this extra money means that half a million people could potentially get a new job that could last them a very long time.”

The news of the extra money, which was delivered by the Deputy Prime Minister, Nick Clegg, during a visit to the north-west of England earlier this month, has been welcomed by a number of industry insiders and job seekers alike. The focus of the fund will not only help get people into work, but also encourage private investment in the public sector. This is the second piece of good news for the umbrella company industry in as many months, as new figures from last month show that the demand for contractors has continued to rise.

The spokesperson for continued:  “For every £1 of public money put into the RGF, the private sector will put in £5, which will help jump start growth across the UK. This, coupled with the news that the number of employers that have taken on contractors has grown for the 28th consecutive month in November, means that we anticipate that 2012 is the year for the umbrella company.”
 

FACTFILE:
Tarpon is an umbrella company specialising in contractor tax efficiency, enabling contractors to maximise their income and streamline their admin.

Website: www.tarpon-uk.com

Call for investors to attend conference

London’s investment community has an opportunity to meet up to 12 pre-screened, high-growth and investment-ready businesses from across the Midlands for free, on November 22nd at the University of Chicago, Booth School of Business, London, during the Connect Midlands Investment Conference (CMIC) 2011.

CMIC showcases the best “second stage” investment propositions in the Midlands to an audience of investors and professionals, each looking for between £0.5m and £5m via an eight minute pitch. The event runs from 1.45pm until 6pm.

John Griffiths, director of Connect Midlands said: “This is the first time that we have ever brought CMIC down to London and to the heart of the investment community. The companies pitching at CMIC 2011 range from aerospace to pharmaceuticals, to green-tech.

“We are keen to safeguard the identity of the presenting companies in order to give the investors in the room the first opportunity to meet and assess them but an outline of what to expect can be found at http://www.connectmidlands.org/events/showcase-events/connec...

“Whilst the companies vary hugely in terms of their sectors and backgrounds, they do have three key things in common; a strong management team, they are “investment ready” now and of course, they are based here in the Midlands.”

To date, Connect Midlands has helped 300 companies to raise over £200m since 2001. Investors wishing to be attend should contact Paul Jenkinson on 01509 228 706 paul@connectmidlands.org or Richard Comer on 02476 323 309 richard@connectmidlands.org

Northern Rock maintains healthy interest rates for Fixed Rate Cash ISA savers

Northern Rock is launching three new issues of its fixed rate cash ISA, offering savers the chance to take advantage of tax-free interest rates.

The new accounts, which are fixed over one, three and five years, are available now with a minimum initial deposit of £500.

A strictly limited issue, the fixed rate cash ISAs (issue 174-176) allow transfers from other providers and Northern Rock has increased the interest rates it pays for savers who are happy to lock their tax-free savings away, whether for the short or long term.

The product can be opened either by post or through Northern Rock's branches and additional deposits (£250 minimum) can be made to the cash ISA, within HM Revenue and Customs limits (£5,340 per tax-year). This issue may be withdrawn without notice once fully subscribed.

To ensure funds are accepted they must be received within 30 days from account opening. Any deposits received after 30 days may be returned. This includes any funds transferred in from existing cash ISAs. Subscriptions are not allowed to any other Cash ISAs in the same tax year(s) that customers subscribe to this Cash ISA, even if they have not used their full annual allowance(s).

Interest, which can be added to the account or paid into another account, is paid annually on 30 November. Minimum withdrawals of £250 can be made from the account, subject to a charge equivalent to 60 days' loss of interest on the amount withdrawn (Issue 174), 120 days' loss of interest on the amount withdrawn (Issue 175) and 180 days' loss of interest on the amount withdrawn (Issue 176). If balances fall below £500, our current basic rate of interest will be paid (0.10% tax-free pa /AER).

(EDITOR: Check with Northern Rock and/or your independent advisor before making any decisions regarding investments)