Moneyfarm has just announced the closure of a £36m Series C funding round as the WealthTech scaleup signs a partnership with Poste Italiane, the Italian postal and financial services firm.
Poste Italiane led the UK-based FinTech company’s Series C round. The partnership between the two will see Moneyfarm provide Poste Italiane’s 35 million customers with its digital wealth management solutions and investment product.
Paolo Galvani, co-founder and chairman at Moneyfarm, said: “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. A focus on our internal processes has helped speed up the pace and quality of innovation, allowing us to deliver even greater benefits to our customers and partners.”
Moneyfarm is an independent digital wealth management company operating in Italy, the United Kingdom and Germany, where it has recently started operations through a product joint venture with Allianz. Founded in 2011, it offers online financial advisory and execution services, with a focus on ETF based portfolio management.
The two firms claim this is one of the largest API-based agreements the European asset management industry has ever seen in terms of customer base.
Matteo Del Fante, CEO and general manager at Poste Italiane, said, “Our Deliver 2022 strategy for financial services is focused on the expansion of our product offer to become the ‘financial one-stop shop’ for our 35 million customers. Thanks to Poste’s modular and flexible open architecture IT system, we are able to integrate innovative players like Moneyfarm in order to develop a multichannel wealth management platform that is tailored to different customer needs. Customer engagement is key in the evolution of financial services and we believe Poste has the right blend of physical and digital capabilities to capture market opportunities”.
Giovanni Daprà, CEO at Moneyfarm, commented: “This ground-breaking open innovation agreement represents a critical milestone for Moneyfarm. The value of our service model, which blends technology with human expertise (hybrid model), received important recognition today”.
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