Open Money, an online financial adviser founded by Andrew Morrow, has purchased Jargonfree Benefits. JFB is an employee benefits platform which outsources workplace benefits to SMEs.
Steve Bee and Andrew Rice, JFB’s respective founder and director, will continue working in principal roles following the transaction, where JFB will become part of the Open Money group of companies and gain access to a wider range of resources.
Mr Morrow commented: “While there is no single way to address the advice gap in this country, we believe technology and the workplace have huge roles to play, which is why the deal to acquire Jargonfree Benefits makes sense to us.
“The work Steve and the team do will complement perfectly what we are doing at Open Money – making affordable, personalised advice available to the masses.
“The SME workplace is a relatively untapped market in terms of closing the advice gap in this country.
“Many of the 16.3 million people who work for these companies in the UK do not have access to the same workplace benefits as those who work for the big corporates.
“While lots needs to be done to close that gap, we believe it is absolutely possible and we are ready to play our role in doing that.”
Mr Bee said: “This is a hugely exciting moment for the business, our existing clients and the millions of employers up and down the country who care deeply about the people who work for them.
“It makes sense to me that the tools people need to both understand and control their own finances should be readily available in the workplace.
“We’ve got a long way to go, but I’m confident that as part of Open Money we can make huge strides in building the benefits market for SMEs and in doing so ensure high quality affordable financial advice might one day become accessible to every worker in the UK.”
Open Money is expected to launch their first-time home buyer advice service next year, following their announcement in September to expand into the mortgage advice industry, with the intention of developing the company into a “one-stop shop for people’s financial affairs”.
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