British fund manager Octopus Group has wrapped up its previously announced takeover of wealth management technology provider Seccl Technology after securing FCA’s nod.
The deal, valued at £10m, was announced in August this year.
Through the acquisition, Octopus is said to gain the ability to support financial services providers in offering quicker and cheaper investment solutions to administer clients’ funds.
All this can be done by leveraging Seccl’s open API custody solution.
Octopus said that the API solution charges 0.1% of assets on the platform, with no set-up fees.
However, an additional per-user cost will be levied if the user interface is used.
Octopus also plans to financially support the acquired entity. Moreover, it looks to hire engineering, product and design staff to strengthen the Seccl team.
Octopus Investments director of growth and innovation Sam Handfield-Jones has now become the co-head of Seccl.
Handfield-Jones said: “We want to transform the customer and client experience across retail financial services – and Seccl’s technology genuinely has the potential to do that.
“The response following our first announcement has been incredibly positive and served to demonstrate that the industry is crying out for some new competition.”
Seccl co-founder Hugo Thorman added: “The industry is ripe for another round of disruption. The technology that we’re developing at Seccl has the potential to drive down costs and improve the customer experience by making it easier than ever for systems to integrate.
“Being part of Octopus also means we have the financial backing and complementary expertise to make this happen much more quickly.”