JLT Employee Benefits has acquired digital saving and investment service Moola, subject to regulatory approval.

The deal is aligned to JLT’s strategy of helping UK businesses deliver better employee financial, emotional and physical wellness. Moola offers ISAs, GIAs and tax efficient investment portfolios, along with free educational content to empower individuals with the knowledge to make smarter decisions with their money.

Moola will now become a core offering on Benpal, JLT’s rewards and benefits platform, as well as continuing to be accessible through its existing website and other channels.

Once completed, JLT will welcome the complete Moola team, including founder and chief executive Gemma Godfrey.

Godfrey welcomed the opportunity to work together and engage a broader customer base. “With an increasing volume of people looking to their employer for financial wellbeing solutions, and JLT’s expertise and like-minded approach in this area, Moola’s existing clients will also benefit greatly from the scale and breadth of JLT.”

JLT Employee Benefits chief executive Bala Viswanathan explained that employee wellness is going to form an integral part of his firm’s proposition. “Employees of Benpal’s corporate customers stand to benefit enormously from the simplicity of Moola’s money management solution,” he added.

Several industry experts recently predicted a shakeup in the wealth management and automated advice market, due to problems with startup client acquisition and market saturation with similar offerings.

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