Moneyfarm moves on Germany with Vaamo acquisition
London-based asset manager Moneyfarm has acquired robo-advisor Vaamo as it hunts out action on the German market.
Financial details were not disclosed but Moneyfarm now has its third core market, alongside the UK (since 2015) and Italy (since 2012).
Giovanni Daprà, CEO of Moneyfarm, says: “We see Germany as an attractive growth market with great potential for digital asset management.”
Vaamo founder Dr. Thomas Bloch and Dr. Oliver Vins join the executive committee of Moneyfarm.
Dr. Bloch will be responsible for the Germany business and Moneyfarm’s Europe-wide B2B business. Dr. Vins will be responsible for product management and development at Moneyfarm groups in the future. There were no details about any job cuts due to the acquisition.
Moneyfarm was founded in 2011 and had around 30,000 private clients (double year-on-year) at the end of 2017, with a total investment of £400 million, as reported in May 2018.
It’s made some good progress as back in May it got £40 million in a Series B funding round – meaning it has secured close to £60 million in capital so far.
Vaamo was founded in 2013. Customers include German challenger bank N26 and 1822direkt.
The acquisition is subject to the approval of the Federal Financial Supervisory Authority.