Munnypot is aiming to address the financial advice gap that, according to the FCA, affects 16 million people across Britain.

Munnypot, a robo-advice and investment service, has soft launched to consumers and said it will ramp up marketing activity in early 2017.

Munnypot combines robo-advice technology with human expertise to learn users’ financial situations, set lifestyle goals, invest their money, and keep them posted on performance. Users begin by answering questions online to define their life goals, after which they can “play” with different scenarios to understand how their financial future could be affected by various decisions.

"Unlike some other services, Munnypot goes beyond simply making suggestions, and instead plans to offer clear advice on the most suitable way for a person to invest their money, via one of five tracker products. It then keeps consumers informed on performance, advising them on the possible decisions to take if things change,” said the firm.

Munnypot's partners include financial services firm SEI, frontend solution provider Virtual Affairs, tech and advisory services provider Ortec Finance, and digital banking platform provider Five Degrees.

“We’re planning on shaking up the market and have partnered with some state-of-the-art organisations to help us do that,” said Simon Redgrove, co-founder of Munnypot.

Brett Williams, managing director of SEI Wealth Platform, added: “The innovative ongoing alert and messaging framework is extremely powerful and gives customers the chance to be regularly updated on their financial matters.”

Redgrove and Munnypot’s other co-founder, Andrew Fay, also founded financial advisory company Cavanagh Group which was acquired by Close Brothers in May 2011 for £26.2 million ($32.4 million), with assets under advice in excess of £1.5 billion.

Cavanagh had done business with SEI in 2010 after choosing the company as its outsourcing solution to provide middle- and back-office services.