Monzo has migrated its investment and pension products to a new platform.

The digital bank has over 12 million customers, around 300,000 of which hold an investments or pensions account.

As part of the migration, Monzo said is introducing a range of new features including a fully digital accumulation self-invested personal pension (SIPP), to which customers can make new contributions, as well as consolidate existing pensions.

Additionally, customers will also have the and the ability to trade ETFs.

Monzo has migrated to Seccl, an embedded investment platform owned by financial services and energy firm Octopus.

Seccl will take over the provision of custody, wrapper administration and investment services for Monzo customers while BlackRock will continue to manage the funds available to the digital bank’s investments and pensions customers.

Monzo customers have been able to open investment accounts and access a range of multi-asset funds directly within their app since September 2023.

As well as a Stocks and Shares ISA and General Investment Account (GIA), Monzo also launched a pension tracing and consolidation service in July 2024.

“In line with our mission to make money work for everyone, we’ve helped to demystify investing for thousands of customers, making it simple, transparent and affordable,” said Andy Smart, chief product officer at Monzo. “Working with Seccl means we can go even further and introduce more exciting features and tools that help our customers grow their money, all within the Monzo app.”

Earlier this month, Monzo launched a new buildings insurance product which it combined with its existing contents insurance which was rolled out in April.

The combined home insurance means that both homeowners and renters will now be able to get the cover they need directly from the Monzo app.

Monzo said the move would simplify the often “lengthy and complicated” process of taking out buildings insurance.

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