The firm joins a wave of other “robos” catering specifically to the investors of today's digital age. Earlier this week, digital investment manager Scalable Capital raised £5.6 million in its latest funding round ahead of its launch in the UK. Other players include Nutmeg and Italy's MoneyFarm, which recently announced its expansion into the UK.

Wealthify combines passive investment strategies with theory, algorithms and a team of investment professionals, who will build plans according to an individual’s attitude to risk, then invest, monitor and manage clients' money. Users will be able to check their investment plans on a phone or tablet, and withdraw or deposit funds at any time. 

The service comes with a maximum fee of 0.7 per cent per annum, which goes down as customers invest more. They can secure further discounts by getting family and friends to start investing. 

Wealthify's research found that a third of Britons between the age of 18 to 55 don’t save or invest outside of pensions. The firm's service is aimed at both first-time and experienced investors looking for a way to access global financial market returns that avoids the cost and complexity of traditional investing services, it said.

“Saving habits are worryingly poor and many do not have even a basic safety net to cover them if something unexpected happens,” said Michelle Pearce, co-founder and chief investment officer at Wealthify. 

“Investing in the markets is one of the best ways for people to grow their money, yet very few Britons do. Our research shows this is because they often don’t have the time or experience to do it themselves and are excluded from traditional wealth management services by high fees, complex processes and minimum investment thresholds in the thousands of pounds.”