After the acquisition of technology business Seccl, Octopus has revealed its new fee for the platform building service which the company provides to wealth managers and financial advisers.
Octopus’ API custody solution, software which creates investment platforms tailored to firms, has been priced at 0.1% of assets on the platform, with no set-up costs.
The £10m purchase of Seccl was agreed in August following Octopus’ decision to move into the platforms industry. Now the transaction has been completed, Octopus aims to incorporate new staff and engineering.
Hugo Thorman, co-founder of Seccl, said: “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.”
Sam Handfield-Jones, co-head of Seccl, commented: “To complete the deal is really exciting and means we can get to work as we set out to realise our ambition. 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.”