Professional services firm Capita has taken a shareholding in Munnypot, a UK-based robo-advice platform set up by Cavanagh co-founders Andrew Fay and Simon Redgrove.

The size of the stake or the financial terms of the deal were not revealed.

Under the partnership, Capita will work alongside Munnypot to develop solutions for wealth management firms, enabling the firms to go to market in less than 100 days.

At the same time, Capita will also support Munnypot’s efforts to scale up.

Capita CEO Jonathan Lewis said: “Our partnership with Munnypot creates a relationship that is of strategic value for our clients, Munnypot, and for Capita.

“We are enabling our financial services clients to address the growing digital savings market in an effective way, helping a dynamic start-up to achieve critical mass and create sustainable UK based digital jobs, and we’re continuing to innovate and strengthen the digital platforms we offer to our clients to deliver real value and create future sustainable growth.”

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Munnypot CEO Andy Fay added: “Clients can now transact with us, knowing that we’re still the same independent, innovative, agile business but with the comfort of knowing we have the support of Capita plc as a shareholder.”