Moneyfarm picks Yapily to power instant bank deposits

By Oliver Smith on Tuesday 30 June 2020

Savings and Investment

The European digital wealth manager is embracing some open banking tech.

Moneyfarm picks Yapily to power instant bank deposits
Image source: Giovanni Dapra/Moneyfarm.

Open banking provider Yapily has been selected by European digital wealth manager Moneyfarm to provide its open banking integration with UK and Italian banks. 

The move by Moneyfarm means customers will be able to instantly top-up or make withdrawals from their investment portfolios directly to and from their bank accounts, without the need for card payments. 

“This contributes hugely to our mission to empower investors globally to make confident choices, so they can create a more financially secure future for themselves,” said Moneyfarm CEO Giovanni Dapra. 

“We’ve seen a sizable shift towards open banking, and the benefits that it brings to all our customers in terms of enabling them to make better financial decisions." 

Moneyfarm today manages the assets of over 45,000 people and has raised over €115m of funding since its launch in 2011. 

In September 2019 the digital wealth manager raised £36m in its latest round of funding, at which time it disclosed assets under management of £734m. 

Yapily for its part also just raised a $13m Series A funding round in April, led by Revolut backer Lakestar, in order to power more European partnerships as we’re now seeing. 

Sign up to the Daily Disruptor Newsletter