Financial planning app Multiply has appointed a seasoned FinTech investor as chairman.

Jonathan Schneider has been appointed by the London start-up which launched in October 2018 and uses artificial intelligence and machine learning to create free personalised financial plans for Britain’s 4.8 million freelancers and self-employed people.

Schneider will advise Multiply as it grows its user base from thousands to hundreds of thousands of users, as well as guiding the business as it scales its operations.

He brings deep expertise, having co-founded and invested in many successful FinTech and medtech start-ups including iwoca, the small business lender which announced a mammoth £150m equity and debt capital fundraise this week.

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Jumo, a company that offers loans to the unbanked in emerging markets; and Ada Health, which opens up personalised healthcare to the masses.

“AI is revolutionising the world of financial advice and Multiply is at the vanguard of this change, giving people a simple way to get on top of their finances and plan for the future,” said Schneider.

“I’m hugely excited to be part of a company that has such an important mission and the potential to own this space.”

Vivek Madlani, co-founder and CEO of Multiply, said: “Jonathan’s passion for solving everyday problems with FinTech makes him the perfect partner for Multiply.

“We’re delighted to welcome him on board - as we grow the business, his scaling expertise will be invaluable.”