Money Alive, a regulatory technology business based in Bedford, is set for further growth following a GBP749,000 financial investment from Foresight Group (Foresight) using equity finance from the Midlands Engine Investment Fund (MEIF) as part of a GBP1 million funding round together with a number of private investors.
Founded by CEO Andy Kirby, Money Alive launched its first commercial product in 2018. Its proprietary video engagement platform is licensed to financial advisers, product providers and employee benefit consultants to provide their clients, policy holders and members with engaging, accredited and impartial information using Money Alive’s interactive video experiences. The firm developed its proposition in response to a growing call from financial regulators that consumers receive good quality, impartial information to enable them to make better financial decisions. Topics the firm covers via its video content include final salary pension transfers, pension freedoms, drawdown reviews and coming shortly, equity release.
Since launch, there have been over 200,000 videos played on the company’s platform. In a recent survey of over 5,000 viewers, 98 per cent said they valued being given access to Money Alive and over 94 per cent said it put them in a better-informed position. Money Alive has a growing list of clients including Mazars, LV=, Tilney Smith & Williamson and The Openwork Partnership. The current funding round will support the further development of Money Alive’s platform, providing integrated, end-to-end solutions for the workplace market as well as for the large financial advice networks. The company is also planning to create eight new jobs across sales, content and marketing to fuel the growth of the business.
Commenting on the investment, Andy Kirby, CEO of Money Alive, says: “Money Alive has a huge opportunity to reshape financial engagement and education on the back of greater adoption of technology. It is fantastic to be supported by Foresight, through the Midlands Engine Investment Fund. This investment expertise will enable us to add to our high calibre team, develop workplace solutions and enhance our offering to advisers. In turn this will support our founding vision of achieving better financial outcomes for more people through fair, open and transparent communication.”
Jordan Lavender, Investment Manager at Foresight, adds: “We are delighted to be able to support Money Alive on the next phase of its growth journey. Since meeting management, we have been impressed by the expertise and commitment of the team to create engaging content to help individuals be more financially aware. The company is well poised for growth over the coming years, utilising our investment through the MEIF, and we look forward to supporting the management team to realise the company’s ambitions.”
Lewis Stringer, Senior Manager at the British Business Bank, says: “By leading this funding round, both the Midlands Engine Investment Fund and Foresight are enabling Money Alive to continue building its platform. This demonstrates the MEIF’s commitment to driving innovation in the Midlands and supporting businesses to maximise new growth opportunities arising post-pandemic.”
Vicky Hlomuka, SEMLEP’s Growth Hub Manager, says: “We’re delighted to see this Bedford based business secure further investment through the Midlands Engine Investment Fund. With virtual meetings, events and engagements increasing dramatically over the past year, it’s fantastic to see Money Alive utilising this opportunity to not only further develop the business, but to create more jobs locally.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.