Octopus has agreed a deal to acquire Hatch Financial Coaching which it will rebrand as Octopus Moneycoach.

Octopus intends to partner with financial advisers to offer financial coaching to workplaces.

The investment provider has also announced plans to increase the number of financial coaches within the new business from 30 to 200 over the next two years. To achieve this Octopus will invest £10m into Octopus Moneycoach to help scale the business.

Founded in 2017, Hatch Financial Coaching, which will be rebranded as Octopus Moneycoach, aims to make holistic Financial Planning accessible to all by combining smart Financial Planning software with financial coaches. It aims to fill the gap between robo-advice and traditional advice for those who do not have sufficient assets to warrant traditional advice.

Adam Price, founder and CEO of Hatch will remain with Octopus Moneycoach as CEO.

As part of its service, Octopus Moneycoach often partners with advice firms to provide a comprehensive financial advice solution to workplaces. Under these partnerships, the advice firms usually serve employees with more complex planning needs whilst Octopus Moneycoach serves those with more straightforward needs.

Octopus Moneycoach works primarily with employers, who offer its services as part of their workplace benefits.

Matthew Mitten, partner at Secondsight, part of Financial Planning firm Foster Denovo, said: “We recently launched with one of the UK’s largest professional services employers and, between Hatch and ourselves, we’ve already had planning sessions with more than 800 employees. The feedback so far has been brilliant and is a great example of the opportunities that partnerships like this can offer advice firms.”