Moola, created by former quantum physicist Gemma Godfrey, is aiming for the “mass delivery” of financial advice.
The new firm claimed it would help financial advisers to offer a “simplified service to ‘smaller’ customers they aren’t able to service traditionally, saving time and resources while a client bank pipeline is incubated”.
Ms Godfrey, who has recently become adviser to Arnold Schwarzenegger on The New Celebrity Apprentice, said it would work in partnership with IFAs, with eValue ‘powering’ the Financial Planning side.
Moola is targeting 5.5 million people which it said have disposable incomes but no access to financial advice in the UK, equating to £2 trillion. People can start investing from £200 upwards.
Mr Godfrey, who offers consumer help on BBC Breakfast and ITV’s Good Morning Britain, said her online investment service is preparing to go live.
The business has been supported by the Octopus Labs accelerator programme – benefiting from Octopus’s network of 3,500 IFAs and 60,000 customers.
Client money is held by Winterflood, and research and products are from BlackRock.
It is is backed by Run Capital, Odysseus Investments and a consortium of private investors.
Gemma Godfrey, founder and CEO of Moola said: “We’re delighted to be working with such a supportive regulator. Today’s authorisation is an important milestone for us and our world-class partners as we work towards our shared goal: to help people grow their money.”
Helen Oxley, head of business development at Winterflood Business Services said: “We are working with new generation platforms such as Moola to transform the micro investment world and be savvier around digital engagement, to resemble game-changing companies in different industries.”
Andrew Storey, sales director of EValue said: “We are excited to announce this partnership with Moola. It is a crucial step forward in the mass delivery of accurate, trustworthy and financially accessible consumer advice.
“The face of the investment industry is changing fast with increasing demand for clarity and transparency. We are committed to ensuring that people have access to all the information they need to make the right financial decision for them.”
Joe Parkin, head of iShares UK retail and wealth at BlackRock, said: “Technology has created new, higher standards of consumer experience that people have come to expect as the norm. Moola is embracing this new reality and applying it to saving and investing.”