Wealthtech firm Moneyfarm says it has partnered with M&G to hold a Series D funding round worth £44.1 million.
Moneyfarm joins forces for M&G
Moneyfarm is an online investment advisor and digital wealth manager in Europe, regulated by the UK and Italian authorities and operating from its offices in London (HQ), Milan, and Cagliari, Sardinia. It was founded in 2012 and arrived in the UK five years ago.
Founded in 1901, M&G is a global investment manager with £367.2 billion assets under management (AUM, 2020 data) and a London HQ.
In addition, the two firms have signed a deal that will see M&G utilise “Moneyfarm’s existing technology, digital capabilities and investment guidance to create its own branded proposition”.
It says the money raised will go towards expanding the company’s products and building out its new B2B2C proposition through further strategic partnerships.
“We’re delighted about the partnership for a couple of reasons,” the firm says on its website. “For one, as Moneyfarm turns ten years old, it’s great to have continued emphatic support from investors.
“Our clients are benefitting from simple digital investing backed by expert management and advice – it’s rewarding to see this recognised.
“Secondly, we’re proud that such a staple brand in British financial services has chosen our technology to create a new, innovative product aimed at the next generation of retail customers in the UK.”
Moneyfarm says it achieved significant growth in 2021: its AUM increased 72% and new customer intake grew by 73% compared to 2020. Moneyfarm now has over 80,000 customers and £2.2 billion in AUM.
Recently, it has picked up the clients of rival Wealthsimple, which decided to exit the UK after four and a half years and re-focus on its domestic Canadian market.
