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UK robo licenses tech to bank for European push

UK robo licenses tech to bank for European push

Munnypot, the robo-adviser set up by former Close Bros wealth boss Andrew Fay, has signed a white labelling deal with Denmark's Jyske Bank.

Jyske, the third largest bank in Denmark,will launch Jyske Munnypot into its domestic market in the first half of this year.

Munnypot was launched by Fay and Simon Redgrove - also previously at Close Brothers, where he was head of advice - in 2016.

Fay said the tie-up meant Munnypot was partnering with ‘one of the most prestigious banks in Europe’.

He added: ‘We know, first hand, the time and resources required to build a robust online investment advice proposition and that for most firms, partnering is the best and most efficient route to developing an innovative, client-engaging service.’

The Danish partnership comes after Munnypot formed a ‘strategic partnership’ with financial support service provider YouDrive in April last year, which includes Munnypot providing online financial advice as part of YouDrive’s proposition for employers to provide benefits for their employees.

Fay and Redgrove were originally co-founders of Cavanagh Group, which was then acquired by Close Brothers in 2011 for £26.2 million.

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