London 'robo-investment' platform Moneyfarm raises £36m
Digital wealth management platform Moneyfarm has raised £36m in funding.
The London headquartered firm has created an algorithm which it said will match its customers to an investor profile in five minutes.
It claims the investment precedes what will be the largest API-based wealth management partnership in Europe.
Launched in Italy in 2012 by Giovanni Dapra and Paolo Galvani, the firm has raised $127.4m to date.
It launched in the UK in 2016 and is now based in a London, with a second office in Milan.
The firm’s tech will be integrated into the digital platform of lead investor, Italian postal and financial services firm Poste Italiane, catering for their nearly 35 million customers.
Allianz Asset Management, which became a lead minority investor last year, also contributed to the Series C funding round, after expanding into the German wealth management market with Moneyfarm earlier this year.
The pair developed a unique multi-asset product in an exclusive partnership.
“Since launching in the UK, Moneyfarm has gone from strength-to-strength and we have used this momentum as a springboard to deliver on our exciting and ambitious growth plans,” said co-founder, Paolo Galvani.
“Our unique partnerships with the traditional industry demonstrates the real value that can be created by combining the agility and passion of a FinTech with the scale and experience of a traditional financial services player.
“After months of hard work, we’re in a strong position to utilise our API-based capabilities to deliver greater value for investors across Europe.”
CEO Giovanni Daprà added: “We believe that redefining the relationship people have with their wealth manager by combining human empathy with technology, is empowering investors across Europe to make confident investment decisions with simple investment solutions to build a more financially secure future.”