Moneyfarm raises £44 million

Digital wealth management company Moneyfarm has raised £44.1 million in a deal led by global investment company M&G. Moneyfarm’s majority shareholder Poste Italiane also invested.

As part of the deal, M&G is looking to build a branded digital investment service for UK retail customers using Moneyfarm’s enterprise offering, which has been deployed by other companies such as Allianz, UniCredit and Banca Sella over the years. Allianz has invested in Moneyfarm across several rounds.

Moneyfarm has around 80,000 customers and it recently bought Canadian robo-adviser Wealthsimple’s 16,000 UK customers. In total, the fintech has ~£2.2 billion in assets under management.

“With the launch of a direct, mobile-based investment platform, complementing our growing independent, proprietary and hybrid adviser businesses, our customers will be able to access the channel, advice and investment proposition that most suits their financial situation and needs.” – David Montgomery, managing director at M&G Wealth.

“Having launched in the UK five years ago, we are very excited to be partnering with a proven name in M&G on the next stage of our journey and welcome them as an investor.” – Giovanni Daprà, co-founder and CEO of Moneyfarm.