Megan Caywood Cooper launches AI-driven WealthTech platform “Caywood”

London, UK, 6 June 2024: Megan Caywood Cooper, a pioneering fintech leader and former Chief Platform Officer at Starling Bank and Chief Product Officer at Barclays, has today unveiled her latest venture, Caywood.

With one in two UK adults saying they do not feel comfortable managing their money day-to-day and 77% of Americans reporting feeling financially stressed, Caywood – an innovative WealthTech platform – aims to democratise access to financial guidance through the power of Artificial Intelligence (AI).

To date, personalised wealth advice has been the exclusive domain of high-net-worth individuals and large financial institutions. Caywood will level the playing field, leveraging advanced AI algorithms, data analytics and APIs to provide consumers with guidance tailored to their needs, in real-time, so they can make confident, informed financial decisions, regardless of their financial background.

“If the first phase of digitisation for banks was about automation, making it easier for consumers to access financial products; the next phase is all about augmentation – creating better services for customers. Just making banking more convenient doesn’t solve the fear and confusion millions of people globally have around managing their finances. They need reliable, personalised guidance to help them plan effectively,” says Megan Caywood Cooper, Founder and CEO of Caywood.

Caywood Cooper continues, “We’re on a mission to make financial wisdom accessible to everyone. Caywood will look different to anything we’ve seen in fintech before. For the first time, everyday people will have AI-driven financial guidance to enable them to create a personalised plan which will evolve as their own needs and goals change. We’re here to empower individuals with the knowledge and tools they need to achieve financial wellbeing.”

Caywood’s use of generative AI will deliver on the vision of financial automation, with products that serve as “autopilots” to help consumers: save and spend; make investments; plan for retirement; manage debt; prepare and file taxes, and more. Caywood will become an AI wealth manager for the masses – setting consumers up for success by providing reliable guidance at every life stage and, if desired, automatically actioning decisions by re-allocating money via APIs according to a personalised financial plan.

Megan Caywood Cooper’s extensive experience in the fintech industry led her to receiving an Exceptional Talent Visa in 2016 to move from San Francisco to London to help start Starling Bank as Chief Platform Officer, and she subsequently won “Forbes 30 under 30” in recognition of her work. She was then headhunted to Barclays to serve as its Chief Product Officer. These roles have equipped her with the insights and expertise needed to address the challenges faced by everyday consumers in managing their finances. With Caywood, she aims to bridge the gap between sophisticated financial services and the general public, fostering a more inclusive financial ecosystem.

Caywood is named after Megan’s maiden name, in recognition of the majority of leading financial institutions that are named after their male founders. This year also marks the 50th anniversary of women being able to take out a credit card in their own name, without their husband or father’s approval.

Caywood Cooper notes, “Given I founded the company on the 50th anniversary of The Fair Credit Opportunity Act, it felt high time for there to be a financial institution named after its female founder.”

Caywood is currently in the development phase, with plans to roll-out initially in the UK and expand globally thereafter. Further announcements will be made as the platform progresses towards its official launch.

NOTE: Caywood does not provide financial advice. Capital is at risk.