An insurance giant with operations throughout Australia has made a key acquisition overseas after swooping for a digital saving and investment service in the UK, subject to regulatory approval.
JLT Employee Benefits has acquired Moola for an undisclosed sum, in a deal that will see the service become a core offering on Benpal, JLT's rewards and benefits platform, and the Moola team, including founder and CEO Gemma Godfrey, join JLT's employee benefit subsidiary.
“Employee wellness is going to form an integral part of our UK employee benefits proposition, and Moola will enhance our financial wellbeing offering,” said Bala Viswanathan, CEO at JLT Employee Benefits. “Employees of Benpal’s corporate customers stand to benefit enormously from the simplicity of Moola’s money management solution. We are confident that Moola will be a welcome addition to our Benpal proposition by offering a more flexible investment option.”
Moola offers customers the opportunity to invest in individual savings accounts, generalised investment accounts, as well as ethical and tax efficient portfolios. It also provides free educational content to enable clients to make smarter decisions with their money.
“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,” Godfrey said.