By Daniel Lanyon on 26th September 2019
The digital wealth manager is among the largest European players and has seen assets rise rapidly in recent years.
Italian digital wealth manager Moneyfarm has closed a €40m (£36m) funding round, led by Poste Italiane and Allianz Asset Management.
The Series C funding round also marks the launch of what - it says - will be the largest API-based wealth management partnerships in Europe. Poste Italiane, Italy’s largest employer and postal group, which also currently manages over €514bn through its financial and insurance services operations has about 35 million customers.
Matteo Del Fante, Poste Italiane Chief Executive Officer and General Manager commented: “Our Deliver 2022 strategy for financial services is focused on the expansion of our product offer to become the ‘financial one-stop shop’ for our 35 million customers. Thanks to Poste’s modular and flexible open architecture IT system, we are able to integrate innovative players like Moneyfarm in order to develop a multichannel wealth management platform that is tailored to different customer needs. Customer engagement is key in the evolution of financial services and we believe Poste has the right blend of physical and digital capabilities to capture market opportunities”.
Moneyfarm has also seen strong growth in investor assets in 2018, with assets under management (AUM) growing 83 per cent year on year to £734m. Turnover jumped 61 per cent in the year to 31 December 2018 with its losses narrowing by 6 per cent.
The firm says it has nearly 40,000 customers across the UK, Italy and Germany – up 25% on a yearly basis.
Giovanni Daprà, Moneyfarm Chief Executive Officer commented: “This ground-breaking open innovation agreement represents a critical milestone for Moneyfarm. The value of our service model, which blends technology with human expertise (hybrid model), received important recognition today”.