Moola, one of the smaller robo-advice firms, is to shut its doors in February after changing hands several times over the last few years.

The company is owned by Mercer, part of global insurance giant Marsh & McLennan, which acquired the business in 2019 when it bought JLT Employee Benefits.

A spokesman for Mercer said: “We can confirm that we have taken the decision to close down Moola. All existing investors have been contacted and given options as appropriate to them.”

Investors will have their cash returned.

JLT Employee Benefits (JLT) bought robo-adviser Moola for an undisclosed amount from founder and personal finance commentator Gemma Godfrey in 2018.

Moola was set up as a consumer-focused robo-adviser offering Individual Savings Accounts(ISAs), General Investment Accounts(GIA), and ethical and tax efficient portfolios.

It provided content to help individuals make what it called “smarter decisions” and to cut through financial jargon.

In 2018 Moola became a core offering on Benpal, JLT’s rewards and benefits platform, as well as continuing to be accessible through the www.moo.la website and other channels.

At the time she sold the business, Ms Godfrey, Moola founder, said: “At Moola we are focused on championing the consumer by providing the knowledge, tools and service to help more people save and invest more easily.”

Ms Godfrey retained her role as chief executive of Moola until November 2019. 

A number of robo-adviser firms have struggled to make profits and some have closed. Investec closed its Click & Invest service recently after growing losses.