Investment management company, Spring IM, is partnering with WeShop, a ‘shoppable’ social media platform, to onboard 200,000 WeShop customers into Spring’s digital solutions.
WeShop is the world’s first shoppable social network that allows users to shop from top retailers and earn ‘shareback’, ownership of WeShop company shares, which will see the company eventually 90% owned by its community of users.
WeShop’s community in the United Kingdom will be able to use Spring IM to set up ISAs and JISAs at zero cost and place the shares they have received through shopping, in their usual way, into this variety of investment products and services.
“Spring IM is a digital business that is disrupting the norm,” said Simon O’Donoghue, CEO of Spring IM. “Through this partnership Spring IM enables WeShop’s growing customer base of over 200,000 users simple access to our fully digital investment management Solution.”
WeShop Chairman Richard Griffiths said: “WeShop is a first-of-it’s kind venture, pioneering the belief of share democratisation. While we have seen the dramatic growth of online shopping platforms and their profits, none of them are designed to benefit the people who keep them going, the shoppers. That’s why WeShop was born, building a totally shoppable platform that is owned by the community.
“The ability for a parent in our community to be able to deposit their free WeShop shares from simply doing their everyday shopping into a free JISA for their children is totally groundbreaking. Through the partnership with Spring IM, WeShop’s community will have easier access to some of the world’s leading regulated asset managers such as BlackRock, INVESCO, Fidelity and Vanguard. These global brand names in the world of finance add to our compliment of associated partners including UNICEF, John Lewis, eBay and Selfridges. This Christmas, parents will be able to do their Christmas shopping through WeShop with the added opportunity of being able to build a savings pot for their children.”
A private investor in many sectors and former chairman of music publisher Greensleeves Records, Mr Griffiths first had the idea for a community owned shopping platform 10 years ago. “It strikes me as completely unfair that big tech and ecommerce have created enormous valuations for the benefit of a few people and their shareholders, but all of that value has been built by their users,” he said. “Allowing shoppers to own where they shop is fair and it’s equitable and it’s our aim to redistribute wealth into the hands of the people who create it”.
Shoppers on the platform, which lists retail chains including Asos, Selfridges, Net-A-Porter, The Body Shop, eBay, B&Q and Made.com, will be given ‘free’ shares in WeShop for every qualifying purchase they make via the platform.
In addition to the free ‘shareback’ earned on every purchase, shoppers will boost their stakes when they introduce new members, with 2.5% of the value spent by the new member given in shares.
This collaboration marks a milestone in Spring IM’s commitment to make investment management more accessible, informative, and interactive for all.
