California-based fintech Marygold & Co has acquired its second UK Financial Planning firm ahead of a bigger push into the UK savings and advice market.

The company completed its latest acquisition - £27m AUA Chartered Financial Planning firm Step-By-Step Financial Planners (SBS) of Northampton - this week.

Marygold acquired £42m AUA Northampton-based Tiger Financial & Asset Management in 2022.

US-based Marygold is planning an app-based service and has set up a UK company to spearhead expansion.

Step-By-Step Financial Planners is based in Rugeley, Staffordshire, and its main business is managing clients’ wealth.

Matthew Parden, CEO of Marygold & Co. (UK), said, “The acquisition of SBS is a very important deal for Marygold & Co. in the UK, in line with our strategy of building and developing digital channels for savings and investments.

“We see here, an opportunity to leverage our highly transformative fintech capabilities within the UK and help address the recognised advice gap faced by too many consumers. SBS brings a client base, a valuable infrastructure, and additional staff to help us grow and expand our traditional advice services to new clients.

Kevin Pratt, founder of Step-By-Step, will continue to run the company with his team.

He said: “I am delighted that Step-By-Step Financial Planners Ltd has become an integral part of the Marygold Companies’ family and I look forward to maintaining my relationship with our existing and very much valued clients by continuing to advise them and to maintain the high standards of service they have come to appreciate." 

Marygold & Co. (UK) was formed in August 2021 to make acquisitions in the UK for its US parent company, The Marygold Companies (TMC), Inc. TMC says the aim of the UK business is to use the fintech capabilities of TMC, which itself went live in 2023, and provide wealth management and savings services to UK clients through app-based functionality backed up by qualified financial advisers “where appropriate.”

Marygold UK is launching the first phase of its digital strategy this year offering instant access savings products to individuals and small businesses.  It will also offer tools to simplify and enhance clients’ experience from account opening to management and administration of the accounts, it says.

The Marygold Companies, Inc. is a US global holding company founded in 1996 and based in San Clemente, California. It has operating subsidiaries in financial services, food manufacturing, printing, security systems and beauty products with locations in New Zealand, Canada, US and the UK.