WealthTech firm Moneyfarm has secured £44.1m in Series D funding from investment firm M&G following a recent partnership between the two companies.
The private placement, which also saw funding from Poste Italiane, will also see M&G acquire a minority stake in Moneyfarm. Since its founding, Moneyfarm has raised £139m in total.
Moneyfarm is a 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. The firm offers online financial advisory and execution services, with a focus on ETF based portfolio management. It previously bagged £36m from its Series C round in September 2019.
According to Moneyfarm, the funding raised will allow the company to expand its product proposition and build out its new B2B2C proposition through further strategic partnerships.
Moneyfarm and M&G’s partnership will help bring a new platform for simple and accessible investing to more investors. Moneyfarm remarked that M&G will use its existing technology, investment guidance and digital capabilities to create its own branded proposition.
Moneyfarm co-founder and CEO Giovanni Daprà said, “Moneyfarm was founded in 2012 on the core principle that personal investing should be simple and accessible. Our distinctive partnerships with established players in the industry demonstrate the real value that can be created by combining the agility and innovation of a direct, digital FinTech business with the scale and experience of an established provider.
“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”.
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