Moneyfarm raises £36m, launches wealth management partnership with Poste Italiane
Online investment advisor Moneyfarm has raised £36 million in a Series C funding round and says it’s set to launch “one of the largest digital wealth management partnerships in Europe”.
The London and Italy-headquartered fintech, which strives to build “a more financially secure future” across the continent, will partner with investor Poste Italiane to integrate Moneyfarm’s investment services into its digital platform.
With more than one trillion in revenue and 35 million customers, the Italian postal and financial service’s partnership with Moneyfarm claims to be the largest API-based digital wealth management partnership in Europe.
“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,” says Moneyfarm’s co-founder and chairman Paolo Galvani.
He adds: “Our unique partnerships with the traditional industry demonstrates the real value that can be created by combining the agility and passion of a fintech with the scale and experience of a traditional financial services player.”
The fintech has also revealed its 61% turnover jump in the year to 31 December 2018, with group assets under management (AUM) growing more than 80% year on year to £734 million.