By Oliver Smith on Tuesday 30 November 2021
Milestone suggests Moneyfarm’s average customer deposit has risen from around £22,200 in 2020 to over £29,400 today.
The milestone comes as Moneyfarm’s customer base has reached 68,000 up from the 45,000 it had in June 2020.
CEO and co-founder Giovanni Daprà called the achievement “a testament to the dedication that every single member of the Moneyfarm team offers on a daily basis.”
“As we look towards 2022, our pipeline of activity and the talent we have here gives me enormous confidence to say that we will continue to go from strength to strength.”
As well as the headline figures, Moneyfarm revealed its net inflows in 2021 are up 101 per cent versus 2020, with the value of top-ups by existing clients also nearly doubling.
The milestone also suggests Moneyfarm’s average customer deposit has risen from around £22,200 in 2020 to over £29,400 today.
“After the chaos of 2020, the world has settled back into something resembling a natural rhythm in 2021, though the effects of Covid-19 on the global economy are numerous and will last,” the wealth manager wrote.
Launched in 2012, and headquartered in the UK, the wealth manager Italy as well. It formerly was active in Germany but exited recently.
Moneyfarm has also been at the forefront of adopting open banking payments, with its partnership with Yapily quickly resulting in over 20 per cent of its customers’ payments coming via the open banking provider.
Earlier this year Moneyfarm introduced its first socially responsible investing (SRI) portfolios, and today said more than 4,500 of its clients have chosen the new portfolios since their launch just three months ago.
Currently, 34 per cent of Moneyfarm’s new customers are opting in for the SRI portfolios, and the portfolios are attracting a younger customer base with women investing at a faster rate than men.