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Allianz leads £40m funding round in Moneyfarm

Digital wealth manager Moneyfarm has got £40 million in a Series B funding round – meaning it has secured close to £60 million in capital so far.

Moneyfarm calls this the “largest funding round by a European digital wealth manager to date” and the company, which launched a personal pension (SIPP) in March this year, will use the capital to launch solutions and expand its investment strategy.

The round was led by Allianz Asset Management, the investment arm of global insurer Allianz, which first invested in Moneyfarm in September 2016.

VC firm Endeavor Catalyst and Italian finance firm Fondazione di Sardegna joined as new investors, with further funding from existing backers United Ventures and Cabot Square Capital.

Giovanni Daprà, CEO and co-founder of Moneyfarm, says it now has over 27,000 active investors and it plans to expand its customer base “through a focus on greater personalisation of the investment advice we give to help support and guide customers along their wealth journey”.

According to Moneyfarm, its assets under management has grown by over 50% to £400 million over the last nine months, “all of which has been accumulated by going directly to the retail market”.

The firm explains that when customers register they’re provided with an investor profile. When this is combined with their investment time horizon and the amount they are investing against their current wealth, the company’s algorithm recommends a portfolio that best fits their needs.

It states that it has always taken a hybrid approach to investment, “blending digital investment advice with human investment decision making, and consultants are available on the phone to discuss the advice and portfolio performance”.

Moneyfarm was launched in 2012 and is led by co-founders Paolo Galvani and Daprà.

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