MoneyFarm secures £40m investment

By Daniel Lanyon on 29th May 2018

Robo-Advice

The robo adviser has seen the largest investment of any European digital wealth management firm in this latest Series B fund raising.

MoneyFarm secures £40m investmentImage source: https://goo.gl/BuedYn

Allianz Asset Management has a led a £40m investment into robo advice platform Moneyfarm, increasing its minority stake after first investing in the firm in 2016.

Other investors in the round included venture capitalist firm Endeavor Catalyst and Italian finance firm Fondazione di Sardegna. Further funding from existing backers including private equity firm Cabot Square Capital and initial investor United Ventures was also included in the round.

The digital wealth manager says the cash will be used to further expand its “vision” through its advisory service – including goal based investing – products and investment proposition.

“Over the last few years, we’ve grown rapidly to become one of the largest digital wealth managers in Europe and one of the few to be successfully operating at scale in more than one country. We now have over 27,000 active investors,” said Giovanni Dapra, Moneyfarm CEO and Co-Founder.

“Today marks an exciting milestone for Moneyfarm as we look to expand our customer base through a focus on greater personalisation of the investment advice we give to help support and guide customers along their wealth journey.”

Comments

AltFi London Summit 2019

The UK's oldest and best-loved conference for fintech and alternative finance insiders returns for its sixth iteration at etc.venues. We'll showcase the best of the UK's digital banking, online lending and digital wealth sectors through a series of uniquely in-depth discussions and presentations. Open Banking will be in full flight, just over a year on from its launch, and will be a central theme at the event.

18th March 2019


Companies in this Article:

Moneyfarm

More like this:

Moneyfarm snaps up German robo adviser

22nd November 2018
Daniel Lanyon

WiseAlpha launches robo-manager

23rd October 2018
George Geddes

Intuit partners with LendingClub and Wealthfront

19th October 2018
George Geddes