Moneyfarm raises £36 million
Digital wealth management company Moneyfarm has raised £36 million in a Series C round led by Poste Italiane, an Italian postal and financial services firm, with Allianz Asset Management also contributing to the round.
In addition to the funding, Poste Italiane – which serves 35 million customers and manages over £455 billion – will integrate Moneyfarm’s digital investment advice, human guidance and fully-managed portfolios into its digital platform.
Since launching in 2012, Moneyfarm has attracted 40,000 active investors with combined assets of 734 million pounds.
“Since launching in the UK, Moneyfarm has gone from strength-to-strength and we have used this momentum as a springboard to deliver on our exciting and ambitious growth plans. A focus on our internal processes has helped speed up the pace and quality of innovation, allowing us to deliver even greater benefits to our customers and partners. Our unique partnerships with the traditional industry demonstrates the real value that can be created by combining the agility and passion of a fintech with the scale and experience of a traditional financial services player. After months of hard work, we’re in a strong position to utilize our API-based capabilities to deliver greater value for investors across Europe.” – Cofounder and chairman of Moneyfarm, Paolo Galvani.