Monzo migrates investment accounts to Seccl
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Since September 2023, Monzo customers have been able to open investment accounts and access a range of multi-asset funds directly within the app. As well as a Stocks and Shares ISA and General Investment Account (GIA), Monzo also launched a pension tracing and consolidation service in July 2024.
The investment proposition has so far attracted over 300,000 customers, whose assets will now be migrated to Seccl as it takes over the provision of custody, wrapper administration and investment services. BlackRock will continue to manage the funds available to Monzo Investments and Pensions customers.
Monzo selected Seccl as its new technology partner in January and the first assets were placed on the Bath, UK-based technology provider's platform in May.
By the beginning of July, new Monzo investment accounts were powered by Seccl. The migration of its existing investor base is scheduled for September.
As part of the migration, Monzo is introducing a range of new features - starting with a fully digital accumulation SIPP (to which customers can make new contributions, as well as consolidate existing pensions) and the ability to trade ETFs.
Andy Smart, CPO of Monzo says: 'In line with our mission to make money work for everyone, we've helped to demystify investing for thousands of customers, making it simple, transparent and affordable. Working with Seccl means we can go even further and introduce more exciting features and tools that help our customers grow their money, all within the Monzo app.'
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