Moneyfarm hires ex-Facebook advisor

By Moriah Costa on Thursday 23 February 2017

Savings and Investment

The digital wealth manager is planning its next phase of growth.

A former Facebook strategist is joining robo advisor Moneyfarm as its Chief Commercial Officer as the firm celebrates its first year anniversary in the UK.  

Scott Gallacher helped Facebook expand across the globe and has over 20 years of experience helping brands grow, including Sky and AmericanExpress.

Gallacher will help Moneyfarm during the next phase of its growth, the company stated.

The firm launched in the UK a year ago and its customer base has grown an average of 16 per cent month-over-month, according to a press release. The startup has raised nearly $30m since it was founded in Italy in 2011.

The wealth manager has grown its customer base by almost 150 per cent since its launch.  Portfolio performance has ranged from 4.7 per cent to 21.5 per cent in the last year.

Moneyfarm has partnered with various organizations over the past year, most recently launching a service for Uber drivers. The partnership gives UK drivers access to pensions and ISA. The ride-sharing app partnered with U.S.-based robo advisor Betterment in August.

In September, Moneyfarm announced a partnership with Allianz, with the insurance company buying an estimated $7m stake in the firm. The robo advisor has also partnered with mobile banking app Revolut.

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