New digital wealth app targets mass affuent

A new digital wealth app has been launched targeting six-figure earners who’ve outgrown basic financial products but don’t have the millions needed to access private banks.

Sidekick has been set up by fintech veteran Matt Ford, who previously founded money management app Pariti, which was sold to Tandem Bank in 2018.

The new app claims to bring the tools of the ultra-wealthy to the mass affluent, people with more than £100,000 to invest who want access to smarter, more personalised financial solutions.

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One of its key offerings is access to a regulated Long-Term Asset Fund (LTAF). The fund will allow clients to invest in high-growth private companies through a professionally managed fund without needing the six-figure minimums usually required, Sidekick said.

The minimum investment for eligible individuals in its LTAF is just £10,000.

It’s also offering a Multi Shield account which automatically spreads deposits across a panel of UK-regulated banks behind the scenes. That will enable up to £255,000 of FSCS protection, the company said, based on the standard FSCS protection of up to £85,000 per person per bank. Minimum deposit in the account is £25,000.

For higher target returns, Sidekick offers a Smart Cash product that invests short-term funds into actively managed money market instruments, designed to outperform traditional savings rates while keeping funds accessible. Minimum deposit is £3,000.

Matt Ford, founder and CEO of Sidekick, said: “People earning six figures today still get offered the same tools as someone just starting out – and that’s wrong. You shouldn’t need a UBS account to access smarter ways to build wealth.

“The same way the ultra-wealthy get to manage their risk, their exposure, and their upside. That shouldn’t be a privilege. It should be a platform feature.”