Schroders invests in incubated start-up
Written by Peter Walker
Schroders has taken a minority stake in Qwil Messenger, the first FinTech startup to have joined its global in-residence programme.
The chat platform, which enables firms and clients to communicate directly through one app, joined the investment manager’s Cobalt programme earlier this year. This undisclosed investment formalises Schroders’ relationship with Qwil.
Cobalt was launched to help financial services-focused start-ups collaborate with Schroders to support their development and help tackle today’s investment and industry challenges.
Since being part of Cobalt, Qwil Messenger has made progress building its platform, resulting in the launch of a live service for customers in July. It is now being used within various parts of Schroders’ businesses, in addition to other financial services and professional firms.
Charlotte Wood, head of innovation and FinTech Alliances at Schroders, said: “We believe that Qwil’s product solves a real industry challenge, increasing the ease of communication for staff, clients and partners while ensuring the highest standards of privacy and confidentiality are achieved.
“With the implementation of GDPR and the growing focus on data security, the timing is excellent for Qwil’s product to gain momentum in the market.”
Peter Reading, chief executive and co-founder of Qwil Messenger, added: “With our growth plans across all professional service industries we believe the backing of one of the largest asset management companies globally will enable us to further expand our platform and scale more quickly.”