Monzo, the embedded investment technology firm, is transitioning its investment and pension products to a new infrastructure provider named Seccl. This change aims to be completed by September.

The transition will involve taking over custody, wrapper administration, and investment servicing functions for Monzo’s user base from Seccl, which is part of the Octopus Group.

This move follows Monzo’s selection of Seccl as its new backend provider in January. The initial integration phase was completed in May, with all new investment accounts on the Seccl platform since early July.

Migration Details and Impact

In September, more than 300,000 Monzo users with existing investments or pensions will start the migration process. Monzo first launched its investment feature in September 2023 to enable customers to access multi-asset funds via the app. By July 2024, the bank had expanded its offerings to include pension tracing and consolidation services.

The transition does not affect fund management, which remains with BlackRock. However, it is expected to support new features such as a fully digital accumulation self-invested personal pension (SIPP) and ETF trading capabilities. These updates are part of Monzo’s broader strategy to enhance its investment options within the app.

Monzo officials emphasized that the collaboration with Seccl will facilitate the introduction of more robust investment tools while maintaining user convenience. Seccl representatives noted the successful integration was a result of close teamwork and expect the new platform to increase access to investing for customers.