UK Digital Wealth Manager Moneyfarm Secures £40m Funding

UK-based digital wealth management firm Moneyfarm has secured £40m funding in a series B financing round led by Allianz Asset Management.

Venture capitalist firm Endeavor Catalyst and Italian finance company Fondazione di Sardegna, as well as existing investors such as United Ventures and Cabot Square Capital have participated in the latest funding round.

Allianz initially invested in Moneyfarm in September 2016. The latest investment will make Allianz Asset Management the largest minority shareholder in Moneyfarm.

Allianz said it further invested in Moneyfarm to meet growing demand from digitally-native savers and investors.

Allianz management board member Jackie Hunt said: “Allianz and Moneyfarm have a common goal to broaden the availability of digital wealth management to savers and investors in a number of markets.

“We see increasing client demand for smart yet easy-to-handle digital solutions, particularly when it comes to a holistic management of their investments.”

Under UK pilot, Allianz is providing its UK-based employees with a chance to invest via Moneyfarm in actively managed funds of the group’s two asset managers such as Allianz Global Investors and PIMCO.

In addition, Moneyfarm will accompany capabilities and selected products of Allianz’s asset management and insurance entities with its existing product offering.

With the latest investment, Allianz is eligible to hold two seats on the board of Moneyfarm. The deal is subject to regulatory approval.

Allianz Global Investors CEO Andreas Utermann said: “By partnering with Moneyfarm, with whom Allianz Global Investors has been working since 2017, we see the opportunity to combine their digital wealth management knowhow with our expertise in active investing and risk-optimization to create something compelling for clients.”

In 2011, Paolo Galvani and Giovanni Daprà established Moneyfarm to provide independent investment advisory services to the people.

Regulated by the Financial Conduct Authority and Banca d'Italia, the firm serves customers in both Italy and the UK.

Image: Digital wealth management firm Moneyfarm has secured £40m in a series B financing round. Photo: courtesy of Allianz.