Ride-hailing app Uber has partnered with automated wealth management company MoneyFarm to provide its drivers with access to pension and ISA products for the first time in the UK.

MoneyFarm and Uber are to launch a co-branded pension product in the next few months, targeted to an estimated 40,000 partner-drivers in the UK.

MoneyFarm launched in the UK in February 2016, and offers six pre-designed portfolios constructed solely with ETFs, each targeting investors from different risk tolerance brackets. Investor risk tolerance is discerned through an online behavioural questionnaire. The exclusive use of low-cost ETFs to construct portfolios allows MoneyFarm to offer an automated wealth management service that can afforded by all types of investors, helping to democratise the investment process.

MoneyFarm and Uber will unveil a new co-branded pension product in the next few months, which will help an estimated 40,000 partner-drivers in the UK plan ahead for their retirement.

Giovanni Daprà CEO and co-founder of Moneyfarm, commented: “We are delighted to partner with Uber, and look forward to providing its partner-drivers in the UK expert financial advice through our ISA and pension products.”

Indicative of the common tech-savvy nature shared by Uber and MoneyFarm, the firm was also the first robo-advisor in the UK to launch with an IOS app, allowing investors to manage their investments on their smartphones.

Existing MoneyFarm clients with invested assets between £10,000 and £100,000 are charged 0.60% fees while those investing between £100,000 and £1m are charged 0.40%. MoneyFarm does not levy any management fees on client’s first £10,000 invested capital nor on amounts above £1m.

The news of Uber and MoneyFarm’s partnership follows the announcement of a similar deal in the US between Uber and digital investment manager Betterment.