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Monzo Investments launches

Monzo Investments launches

Monzo has unveiled an investments feature, allowing the UK digital bank's customers to put as little as £1 into a choice of multi-asset funds.

Nearly 70% of Brits do not currently know where to turn for a product that makes investing accessible and straightforward, according to a YouGov poll for Monzo.

The bank is looking to change that through Monzo Investments, promising to make the process simple, affordable and accessible directly through the app. Customers can choose from three risk profiles - careful, balanced or adventures - and then put in as little as £1 to a multi-asset fund from BlackRock.

Monzo's millions of users are being invited to join a waitlist for the service, which comes with a fee of 0.59% of their investment value.

Fintechs such as Plum and Chip already offer investing apps but Monzo says that its research shows that 57% of people would feel more in control if they could track spending, saving and investing all in the same place.

JPMorgan Chase's UK digital bank also offers investing services through Nutmeg, the wealth manager it acquired for £700 million in 2021.

TS Anil, CEO, Monzo, says: "This is an important next step on our mission to make money work for everyone as we put the Monzo stamp on another corner of finance that is perceived as complex and inaccessible. Millions of people in the UK feel investing isn’t for them - it is now."

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