Gumtree co-founder launches online investment platform
Gumtree co-founder Simon Crookall has launched a new British digital financial service – InvestEngine – which provides globally diversified investment portfolios for people with as little as £2,000 to invest.
InvestEngine is a web platform (with an app launching in the coming weeks) that has a management fee of 0.45% per annum, making it one of the lowest fixed rates available. There are no dealing fees, set up costs, custody or exit fees, and InvestEngine rebalances portfolios as part of the service.
Unlike many other players, InvestEngine uses a ‘buy and hold’ approach which means less room for human error.
InvestEngine combines its smart technology with over 70 years’ financial experience via its unique close relationship with Ramsey Crookall, an independent investment management firm that provides InvestEngine’s broker function. This direct relationship allows the intelligent investment service to keep costs competitive and trade more efficiently.
According to Simon – who has co-founded InvestEngine with his sister Joanna Crookall, CEO of Ramsey Crookall – core to the business is fairness and accessibility.
Simon said: “After selling my tech businesses, I gravitated back to financial services and I could immediately see there was a real opportunity for a quality solution for people with smaller sums. Everyday people simply weren’t able to access the same level of money management as people with larger sums.
“InvestEngine gives people a regulated, low cost and easy solution for taking control of their own investment into high quality market trackers where all the hard work is done for them. We deal with carefully selected exchange-traded funds (ETFs) combined with proven methodology and market tracking technology to deliver diversified investment portfolios across countries and markets – essentially people don’t have all their eggs in one basket.
“The vision for InvestEngine is to become the ultimate destination for investors and savers. Over time our offering will diversify and expand to include an array of services from pensions and ISAs to investment advice and ethical investing options with green portfolios.”