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