Monzo has decided to switch its investment and pension products to a new infrastructure provider, Seccl, with the aim of completing the migration by September.
The Role of Seccl
Seccl will take over custody, wrapper administration, and investment servicing functions for Monzo’s users. This move follows an earlier selection of Seccl as Monzo’s new backend provider in January. Initial asset transfers began in May after the initial integration phase.
Migrating Existing Customers
More than 300,000 Monzo users with existing investments or pensions have been informed about the upcoming transition. This transformation builds on Monzo’s introduction of its investment feature in September 2023 and the expansion to include pension tracing and consolidation services in July 2024.
The migration will not affect fund management, which remains under BlackRock’s control. However, Seccl’s platform is expected to support new features such as a fully digital accumulation Self-Invested Personal Pension (SIPP) and ETF trading capabilities. These enhancements are part of Monzo’s ongoing efforts to offer broader investment options within its app.
Monzo officials highlighted that the collaboration with Seccl will enable the bank to roll out more comprehensive investment tools while preserving a consistent user experience. Seccl representatives noted that the integration resulted from close coordination between both teams and anticipate that the new platform will enhance access to investing.
