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Octopus Choice and Octopus Cash double assets under management in eight months

June 15, 2018

Octopus Choice and Octopus Cash double assets under management in eight months

There were several causes for celebration in the Octopus Labs offices this week, with the combined assets under management of Octopus Choice and Octopus Cash reaching an impressive £200 million. In addition, Octopus Choice announced that the total amount lent through the platform now stands at over £260 million.

“Labs started just 2.5 years ago,” reflected Sam Handfield-Jones, Director of Labs. “In that time we have launched two businesses — Octopus Choice and Octopus Cash — going from £0 to £200m. It was only last November that we hit £100m. We’ve doubled in size in just 7.5 months!”

There’s been many factors contributing to this rapid growth. In the case of Octopus Choice, this includes the launch of ISA transfers, and the Octopus Choice mobile app — available on both iOS and Android devices. Whereas Octopus Cash has released a 35-day notice account, and forged new partnerships with several challenger banks.

Of particular importance is the accessibility and design offered by both products. “People want easy-to-use digital solutions to manage, save and invest their money,” stated Sam. “There’s very high expectations from a digital experience perspective. You can order taxis, send messages and get food deliveries through your phone — people expect a similar level of digital experience in financial services, too.”

Another important reason underlying the rapid growth rate is innovation — something, Sam points out, incumbent players in the financial market are struggling to keep up with. ”We have always focused on creating innovative investment solutions for financial advisers, and Octopus Cash and Octopus Choice are really solving a problem for them.”

The team’s already got their eyes on the next milestone. “We’re excited to hit £1 billion,” said Sam.