The UK branch of Momentum, a South African investment firm, has acquired the business of YourWealth.co.uk, an online financial planning platform, for an undisclosed amount.
YourWealth introduced a direct-to-consumer platform in the last year, and started an adviser-facing service, complementing D2C planning tool, Money Hub.
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Momentum chief executive Ferdi van Heerden said: "This acquisition is exciting for Momentum as it is in line with our South African initiative aimed at providing consumers with pertinent information to assist them to manage their financial wellness. This acquisition ensures the same approach can be provided to our UK clients."
YourWealth founder Toby Hughes said: "The deal gives us the opportunity to fast track development for both YourWealth and the MoneyHub app to accelerate that vision."
The transaction is still subject to regulatory approval.
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