Monzo has decided to shift its investment and pension products to a new infrastructure provider, with plans to complete the migration to Seccl’s platform by September.
The move will see the embedded investment technology firm take over custody, wrapper administration, and investment servicing functions for Monzo’s user base.
The transition follows Monzo’s earlier selection of Seccl, a subsidiary of Octopus Group, as its new backend provider in January. The first assets were transferred to the new system in May following an initial integration phase. As of early July, all new investment accounts offered through the Monzo app have been operating on the Seccl infrastructure.
Existing customer migration to begin in September
More than 300,000 Monzo users with existing investments or pensions were informed of the upcoming transition. The bank first introduced its investment feature in September 2023, allowing customers to access multi-asset funds via its app. In July 2024, Monzo expanded its financial offerings to include pension tracing and consolidation services.
The migration will not affect fund management, which continues to be handled by BlackRock. However, the platform shift is expected to support new features, including a fully digital accumulation self-invested personal pension (SIPP) and ETF trading capabilities. These updates are part of Monzo’s general efforts to streamline investment options within its digital platform.
Officials from Monzo noted that the collaboration with Seccl will allow the bank to roll out a wider set of investment tools while maintaining a consistent in-app user experience. Seccl representatives described the integration as the result of close coordination between both teams and said they expect the new platform to expand access to investing.
