Octopus Money has struck a deal to take on struggling OpenMoney’s circa 13,000 customers, with the Manchester fintech winding down as it does so.
Customers will be able to manage their existing ISAs, GIAs and SIPPs via Octopus Money’s platform and will also have access to Octopus Money’s financial planning, coaching and advice services. The deal is expected to complete in the coming weeks.
The teams from Octopus Money, OpenMoney and its forerunner Evestor said they will make the migration process “as seamless as possible” for customers.
Open Money issued a statement in May confirming it was undergoing “restructuring,” including “likely” redundancies, amid reports of unpaid wages and having filed losses in both 2020 and 2021. It had around £145m of customers’ money under management at the time.
Octopus will continue partnering with workplaces across the UK to offer financial coaching and advice to employees and is also looking for opportunities to partner with other firms to help more people access “affordable” financial advice.
Octopus Money chief executive Ruth Handcock said: “OpenMoney started with a mission that’s close to our hearts: making financial advice and investing affordable and accessible to all. Brilliant customer service sits at the heart of everything Octopus does.
“We will work tirelessly to make sure every OpenMoney and Evestor customer gets an incredible level of service as they join the Octopus family.”
OpenMoney founder and non-executive director Anthony Morrow said: “Over the past few months, we have undergone a thorough process to find a safe and secure home for our customers, and we’re excited to have found that with Octopus Money.
“There’s no company I feel shares our values like Octopus, and I am confident that they will take great care of each and every one of our customers.”
Octopus Money is part of Octopus Group which was founded in 2000 and which serves more than 5m UK customers.
