FAQs
Investing in funds
What is a fund
A fund is where multiple customers' money is pooled together and invested in a selection of many different assets, commonly things like various different stocks and bonds. When you invest in a fund, you’re essentially investing in the hundreds or thousands of different assets that are in that fund. This can give you greater diversification. Funds are often either actively or passively managed. If they’re actively managed, there will be a team of humans in charge of selecting the investments in the fund. If they’re passively managed, there will be an algorithm that follows a predetermined list of investments. Actively managed funds will usually rebalance more frequently, which can mean that they cost more than passively managed funds. When looking at which fund to invest in, you’ll find a key information document, called a KIID, attached to each fund, which will give you lots of details on how the fund works. It’s worth looking out for the likes of charges, top holdings and volatility to see how these points align with your investment goals.
What is a Stocks and Shares ISA?
Individual Savings Accounts - known as ISAs - are accounts in which you can save (for example, in a cash ISA) or invest (like our Stocks and Shares ISA). The money you make on your savings or investments in your ISA isn’t taxed. With a Stocks and Shares ISA, you don’t pay capital gains or income tax on gains or income which your investments make. HMRC sets a limit on how much you put into your ISA each tax year. Although there’s a limit on what you can put into your ISA, there’s no limit on the tax-free gains you can make. However, it is important to note that tax is subject to personal circumstances and is subject to change. Individuals should consult with a qualified tax advisor to determine the specific tax implications of their ISA investments.
What is a GIA?
GIA stands for General Investment Account. It’s another type of account you can use to invest - but without any limits on the amount you can put in it each year. Many people use these accounts if they’ve already reached their ISA limit for a given tax year, and want to keep investing. Unlike an ISA, you may need to pay tax on any gains or income you make on the investments in this account.
Who can open an ISA with us?
You must be a UK resident, which means you pay your taxes in the UK. You can’t open one if you’re a US citizen or have any tax to pay there. You also must be aged 18 or over to open a Propelle ISA.
Who can open a GIA with us?
You must be a UK resident, which means you pay your taxes in the UK. You can’t open one if you’re a US citizen or have any tax to pay there. You also must be aged 18 or over to open a Propelle GIA.
Can you take money out of your ISA?
You can request to take money out of your ISA at any time, by requesting a withdrawal in your Propelle dashboard. In order to send you your money, we may have to sell down some of your investments, which can take up to 5 business days to complete. Here are some things to think about when taking money out of your ISA: Investing is for the long term. It’s recommended to invest for a minimum of 3 years to give your money a chance to ride out market fluctuations. By taking money out too often or too soon, you may not reach your financial goals. Taking money out of your ISA, reduces your annual allowance.
How much does a fund cost
At Propelle we follow a single fee philosophy, to try and keep it simple. For our ESG and Traditional funds, you’ll pay 0.7% per year. Our Shariah fund costs 1.1% per year. This is because the Sharia fund costs a little more than the others to run.
Can I transfer an existing ISA?
Propelle doesn’t currently support the transfer of an existing ISA to Propelle. We do allow you to transfer your Propelle ISA to another provider.
Can I cancel my investment account?
You have the right to cancel your investment account within 30 days of opening it. If you want to cancel your account, please get in touch at support@propelle.io and we’ll disinvest your total balance and close your account.
Is Propelle regulated by the FCA?
Propelle is an appointed representative of RiskSave Technologies Limited, which is authorised and regulated by the Financial Conduct Authority (FRN: 775330)
Is my money FSCS protected?
Propelle ISAs are managed by Welathkernel, who is your custodian. If they fail as a custodian, each customer may be protected up to a value of £85,000, subject to conditions set out by FSCS. Your ISA will be invested in one of our five Vanguard funds. These five funds are covered by the FSCS as well.
Can I change what the fund is invested in?
The short answer is no. You can invest in an existing fund, but you can’t add or exclude anything from their underlying investments. So if you don’t like a specific company and you see it in their main holdings, unfortunately there’s not a lot you can do other than choose a different fund.
Can I switch funds?
Yes! You can decide to switch your selected fund anytime from the Propelle platform. The process can take 5-8 business days.
Can I take my money out?
Yes, you can withdraw money anytime from the app. Due to various fund providers we work with, the withdrawal takes up to 5 days before it’s in your bank account.
What does ESG mean on a fund?
ESG stands for Environmental, Social and Corporate Governance. This is an umbrella term for investments that are aligning with more sustainable companies and those trying to align with key goals, such as the United Nations Sustainability and Development Goals, to make the world we live in a better place. There are lots of grey areas and changing regulations that mean ESG can cover a wide range of inclusions and exclusions and points for debate. Be aware: there’s no such thing as perfect when it comes to ESG investing.
What does Shariah mean on a fund?
Shariah-compliant funds are investment funds governed by the requirements of Shariah law and the principles of the Islamic religion. Shariah-compliant funds are considered to be a type of socially responsible investing. The key principles of Shariah investing are the prohibition of riba, the avoidance of haram, socially responsible investing and transparency and fairness.
Why can companies like Shell be included in an ESG fund?
Each fund will have a varying approach and strategy when it comes to ESG which will dictate how they chose their underlying investments. Some will exclude companies that are engaged in any oil and gas activities, for example. Others however will take views based on the companies future action points, such as if they have a clear plan to reach net zero by certain dates. This could mean that whilst you might believe that Shell has no place in a supposedly sustainable fund, if its social and corporate governance attitudes are strong and it has a clear path to achieving a sustainable future, they might score enough points to land themselves in an ESG fund. Some ESG fund managers also take a stance on stewardship, which is where they maintain a significant shareholding in the likes of Shell in order to try and lobby them to improve their sustainable approach. This might include taking actions such as voting in relevant decisions. In a nutshell? Sustainability isn’t so black and white.
What ESG strategies exist?
There are multiple ways that ESG fund managers can decide what to include in their funds. Here are five of the most common: Negative Screening: This strategy simply excludes companies or industries that do not meet certain ESG criteria, such as tobacco, fossil fuels or weapons. Positive Screening: This is one stage higher and will go beyond just excluding the “nasties”. Instead, they will only invest in companies that have a focus on environmental policies, social or corporate governance engagement. Thematic Investing: This is much more laser focused and will hone in on a specific industry or target, such as renewable energy or sustainable agriculture. Impact Investing: Many argue this is the strongest form of ESG investing, as it only targets investments that generate measurable, positive sustainable changes. In this case, some would say that returns may be compromised as the key goal is the sustainable impact rather than performance. Examples of impact investments are Clean Energy or Climate Transition Impact funds. Shareholder Engagement and Advocacy: As fund managers can become large shareholders in certain companies, they may use their ownership to influence the behaviour of the companies. This could include voting on shareholder resolutions or speaking with company management to try and get them to behave in a certain way..
Why is there no perfect ESG option?
Ah, the big questions in life. Just like none of us are perfect, there’s no such thing as a perfectly sustainable company or investment. There are so many aspects to ESG, from water usage, profits derived from activities relating to fossil fuels, to treatment of the community, to board equality and more. So a company can be doing great on an environmental front, they might be net zero, have a great policy for recycling and water usage but have a board made up entirely of men and a dodgy record of human rights treatment in the countries in which they operate. Equally, there might be a company that is breaking down gender and diversity barriers left right and centre but their current parts of their revenue might come from the sale of weapons.
How can you chose an ESG option that works for you?
First and foremost, go into any decision knowing that there is always a compromise, as we said, nothing is perfect in this life. Just try and know where your compromise is. If the environment is the part that’s most important to you, make sure that you find investments that are striving to make an environmental difference. If it’s gender equality and human rights, then equally look out for this in the ratings. It’s worth knowing that things can change too, companies can improve or get worse and you can change your moral standpoint, so go in with an open mind and a willingness to monitor the changes.
Investing
How can I add more money?
In order to add more money onto your investing platform, you’ll need to make a manual bank transfer. You’ll find the instructions on how to do this in the ‘deposit’ section of ‘your investments’ in our app. If you have any issues or questions, please let us know on support@propelle.io.
Can I take my money out?
Yes, you can withdraw money anytime from the app. Due to various fund providers we work with, the withdrawal takes 2-3 days before it’s in your bank account.
How much can I withdraw?
You can withdraw all of your money, if you wish. What lands in your bank account will be representative of what your investments were worth at the point of sale, which might not necessarily be how much you initially added. Hopefully it will be more, but the value of investments can fluctuate, so it could be less.
How long does my withdrawal take?
We will aim to execute all trades, including withdrawals as soon as possible. This can take 3-5 working days. That means that we can’t carry out trades when the markets are closed, so if you put a withdrawal in late on Friday night in an attempt to boost your weekend budget, we won’t be able to sell your investments until Monday, when the markets re open.
How long does it take for my money to be invested?
We aim to invest money as soon as we can, but this process takes a few steps that are sometimes out of our hands. Take the market opening times, for example. We can’t force the traders into the London Stock Exchange on a Sunday, so we can’t carry out trades on that day. Within working days, it will usually take 3-5 days for us to process the necessary steps to get you money invested and working for you.
I made a contribution but used the wrong reference, now what?
Firstly, don’t panic! It can all be resolved. We kindly ask that you send us a message as soon as you can at support@propelle.io. If you could include the reference number that you have used, as well as your personal details so that we can find you and the payment as soon as possible in our system, this will help to keep the relocating process quick and efficient.
Why is my balance down?
We hear you, it’s a normal but scary part of investing. Essentially, all investments will go up and down, this is part of the journey. Over time, data suggests that the vast majority of investments go up in the long run, which is why it is important to have a long term time horizon when getting started investing, ie a minimum of around 5 years.
App FAQ
What will I get from my Propelle membership?
We have a whole host of tools to get you on the path to financial success. Starting with our educational membership which contains video, written and short lessons on various financial and investment topics. Within that, we also have access to other financial experts to help you with further steps. Separately we also have our investing platform, which has both a stocks and shares ISA (individual savings account) and a GIA (general investment account). You can open those for free, no need to be a member. If you don’t know what these are or don’t know which might work for you, don’t worry, we have more information on that in our explainer pages when you open ‘investing’!
What topics are covered in the educational content?
Our content can take you from a beginner to a seasoned investor. We have courses that cover investing basics, portfolio construction, retirement planning and pensions as well as sustainable investing. It’s all digestible, done in your time and all tailored for women.
How often is new content added to the app?
We will be constantly updating the content to keep things fresh and in line with financial markets. We also believe that we can only get better by building a product that our members want. So if there’s something that you want to see or feel like we’re missing, let us know at feedback@propelle.io and we will do our best to include it in future developments.
Which membership should I choose?
We truly believe that everyone should have the opportunity to access financial education which is why we’ve collated years of financial experience to create the first course for free. Propelle Pro membership at £4.99 per month for our introductory offer. You can even give it a try for free with our 7 day free trial. This contains more educational courses on more complex topics, including sustainable investing and pensions, as well as workshops with financial experts and exclusive access to referrals to other financial experts. If after 7 days, you’re not convinced, you can stay in the app within our free membership which will give you access to a smaller amount of content, courses and bite sized information.
Is the app suitable for beginners in investing and finance?
Our app is suitable for those who are beginners in investing all the way through to money mavens. We have a whole host of content available, as well as an investing platform, which guide you through step by step, no matter how alien it can feel (we know what it can be like!).
Do you have to be a woman to have a Propelle membership?
Not at all! We believe that we’re the first investment platform and educational membership app that has been made with women truly in mind. This doesn’t mean that you need to be a woman to enjoy our features, in fact, we welcome anyone who wants to brush up their investing knowledge or use a simple investing platform.
What makes your content unique to women?
There actually isn’t anything that isn’t applicable to all genders: at the end of the day, what affects women can also affect men or those who identify otherwise. We feel that our content goes the extra mile to address financial challenges and opportunities specific to women, including gender pay gaps, career breaks, and life expectancy considerations. These may be excluded from other money management courses, or at least the impact overlooked.
Your Account
How much does it cost to join Propelle?
We have two parts to Propelle: our educational membership and our investing platform. Our membership currently costs £6.99 per month for the first three months or £49.99 per year. Our investing platform is free to use from a Propelle perspective, but depending on which fund has been selected, you will pay some fees to the fund manager. These will be disclosed in each and every fund upon selection. It’s worth noting that the two are separate and you don’t need to be a member to invest on our platform or vice versa. We believe that the two compliment each other but everyone is of course free to decide what’s best for them.
Can I cancel my membership?
We hope you don’t want to, but you can of course cancel your Propelle membership at any time. The cancellation takes effect at the end of the current membership period, whether it’s monthly or annually. Please note that we do not offer refunds, when you cancel your membership in the middle of a period, as you will still have full access to our platform until the cancellation takes effect upon your next payment.
Do you offer a free trial?
To enable you to get a real feel for all the goodies we can offer, we will offer a free trial on the annual membership. This will last 7 days and you will be able to cancel, should you wish to not proceed.
How do I update my payment information?
It’s super simple, to update your payment information , simply email us at support@propelle.io and we will assist you in the process of changing your payment information.
How can I delete my account?
We’d be sad to part ways, but we understand that sometimes things don’t pan out the way we planned in life. To delete your account, and make any other major changes for that matter, simply contact us on support@propelle.io.
How do I contact customer support?
We’re here to help with any queries, no matter how big nor small, don’t struggle alone in the dark! Simply drop us a line on support@propelle.io.
How can I get more help in special areas?
We will have access to certain financial specialists on our Propelle Pro membership offering. Ts and Cs on how that works and their services can be found in that part of the app. If you’re finding it difficult to manage your relationship with money or there’s something else troubling you, we're here to help, so please get in touch if you need us. We’re here to listen and do our best to help, but we know that we all have unique issues and if it’s applicable we can also point you towards charities, organisations and support groups you might find useful.
Propelle
Who is behind Propelle?
Propelle was founded by Ayesha Ofori, a former ultra high net worth adviser at Goldman Sachs. Feeling unfulfilled by predominately helping men, Ayesha left Goldman Sachs on a mission to level the investment landscape and help more women to actively invest. At Propelle, we're a team of wealth management and fintech experts from Goldman Sachs, Moneybox and Pensionbee. We understand investing and wealth building! We also know that when it comes to investing, women have specific needs. We've built Propelle from the ground up to cater to these needs.
How much do we charge?
Propelle is currently in a closed beta and is free to use.
What's a closed beta?
Closed beta testing is an opportunity for real users to use a product in a production environment to uncover any bugs or issues before a general release. Closed beta testing is the final round of testing before releasing a product to a wide audience. The objective is to uncover as many bugs or usability issues as possible in this controlled setting.
How does Propelle make money?
Currently, Propelle makes money by receiving marketing / or introducer fees. When people invest with one of our partner companies through Propelle, Propelle can get paid a fee by the third party provider. This fee is not charged to the investor.
Property Investing
Who are Propelle’s property investment partners?
Propelle’s property investment partner is Simple Crowdfunding.
Who are Simple Crowdfunding (SCF)?
SCF is a property crowdfunding platform, offering peer to peer loans and equity finance for projects in the UK.
Is SCF authorised and regulated by the FCA?
Simple Crowdfunding is a trading name for both Focus 2020 Limited and Simple Property Ltd. Focus 2020 Limited (FRN 727214) is authorised and regulated by the Financial Conduct Authority. Simple Property Ltd (FRN 747022) is an appointed representative of Share In Ltd (FRN 603332), authorised and regulated by the Financial Conduct Authority. Focus 2020 Limited (Number 04016517) and Simple Property Ltd (Number 08317754) are registered companies in England and Wales.
What’s the relationship between Propelle and SCF?
Propelle and SCF are two completely separate companies. They have a marketing agreement in place allowing Propelle customers to be introduced to SCF to access investment opportunities.
Why do I have to register separately with SCF?
Propelle is not authorised by the FCA to provide property crowdfunding or property peer-to-peer lending investment opportunities. Therefore to invest in such investments you will need to become a customer of SCF, in addition to being a customer of Propelle.
What investment opportunities does SCF offer?
SCF offer peer to peer loans and equity finance for projects in the UK. Property equity deals are where investors can invest and become shareholders in companies raising funds. In this case investors will share in any profits or losses of the company. Peer to peer loans are where investors lend money for a fixed period of time, for a fixed return. Any security provided will be managed on behalf of the lenders.
Where can I find out the details of investment opportunities with SCF?
You will be able to see selected investment opportunities from SCF on the Propelle platform in the invest - property section. You will be able to see more opportunities on the SCF website directly.
How do I know if SCF investments are relevant or appropriate for me?
When registering on SCF, you will be asked to answer some appropriateness questions as part of the registration. This will help determine if such investments are suitable for you. Additionally Propelle has free educational content on property crowdfunding and peer-to-peer lending which you can read so that you can be better informed about these areas. You should also read SCF’s FAQs section before completing the appropriate test questions. You can find them here: https://www.simplecrowdfunding.co.uk/help. Finally, you should make sure that you understand the opportunity before investing, as well as ascertain and understand the risks involved (we have created tools and content to help you do this). If you do not understand an investment or you are not sure if the investment is suitable then such an investment may not be for you. If you are not sure, we suggest you speak to a financial adviser.
Am I a customer of Propelle or SCF?
If you have registered with Propelle, then you are a customer of Propelle. If you also separately register with SCF on their website then you will also become a customer of SCF.
Do Propelle and SCF share my data?
Propelle and SCF only share your data which is relevant for your investment characteristics to be seen in your Propelle dashboard. Propelle will send your information to SCF to notify them of Propelle customers being referred to their website and SCF will send Propelle the investment information of their customers. For more information please see our Privacy Policy.
If I have any questions about investments I have made via SCF, who do I speak to, Propelle or SCF?
You should speak directly to SCF if you have any questions about investments you have made with them, as you are a customer of SCF.
My balance is not updating on the Propelle dashboard. Who should I speak to?
You should email us at support@propelle.io.
What’s the difference between peer to peer and crowdfunding?
In a property peer to peer deal, the investor (you) lends money to the developer company. This is for a fixed period for a fixed return. Interest earned can be at the end of the term or paid on a regular basis, such as quarterly. The capital is paid at the end of the term. In a property crowdfunding deal, the investor (you) buys a share in the company (that owns the project). This means that when the project completes, you should get your investment back with a share of the profit.
What is a peer to peer deal?
In its simplest form, property peer to peer investing means lending money to a property developer (i.e. loaning them some money. This is the money you invest) for the duration of a property development project. You loan money for a fixed period of time (known as the term), for a fixed return. Interest payments will be made periodically or, in some cases, at the end of the loan term. The loan is usually secured against property, and often on a first charge basis, which means that if something happens, the developers have to sell the property and pay back the loan ahead of paying back shareholders (equity crowdfunding investors).
What’s a crowdfunding deal?
Property Crowdfunding is a way for property developers to raise the money they need to develop property projects. This money is usually raised from lots of individual investors. In equity based property crowdfunding investment deals, the investor (you) is typically buying shares in the company that owns the “property”. The “property” can be a plot of land, a building or other property asset. In essence, the investor (you) becomes a part owner of the company (also known as a shareholder of the company).
Can I invest in multiple property deals?
You can invest as much as you like just so long as the investment allows it. If you’re a restricted investor, you can’t invest more than 10% of your net assets in a year.
How much can I invest?
You can invest as much as you’d like. If you’re a restricted investor, you can’t invest more than 10% of your net assets in a year.
Membership
How much does the Propelle Pro membership cost?
The Propelle Pro membership costs £9.99 per month, or £99.99 if paid annually.
When will my Propelle Pro membership renew?
If you select monthly, your membership will automatically renew once per month. If you select annually, it will renew once a year. We’ll send you an email 7 days before the renewal date to ensure your details are up to date.
What do I get from being a Propelle Pro member?
By becoming a Propelle Pro member, you will gain access to additional resources and opportunities to help you on your investment journey. You will get access to Property Investment Tools, Level 2 Investment Courses and learning supplements; all our previous webinars available to rewatch on demand, access to exclusive monthly investment workshops led by financial experts across the field, as well as early access and discounts on tickets to our in-person networking events.
How do I cancel my Propelle Pro membership?
To cancel your membership, simply navigate to your Account Overview page and click on “Manage Membership”. You’ll be taken to a page hosted by Stripe, where you can manage and cancel your membership.
Can I pause my Propelle Pro membership?
We don’t currently have the functionality to pause a membership. However, if you do decide to cancel your membership, you can restart it at any time, just drop us a note at support@propelle.io.