Digital wealth management FinTech Moneyfarm has raised 拢44 million in a Series D investment round which sees it partner with M&G.
The deal with the global investment manager comes as the fellow London-headquartered firm, which was founded in Milan, Italy, turns 10.
M&G will use Moneyfarm鈥檚 existing technology, digital capabilities and investment guidance to create its own new branded proposition.
In 2021 Moneyfarm鈥檚 assets under management increased 72% while it saw a 73% increase in new customers compared to 2020. Moneyfarm now has over 80,000 customers and 拢2.2 billion in AuM.
M&G, in operation for 90 years, manages assets of over 拢284bn.聽
鈥淢oneyfarm was founded in 2012 on the core principle that personal investing should be simple and accessible,鈥� said co-founder and CEO Giovanni Dapr脿.聽
鈥淥ur 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.聽
鈥淗aving 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.鈥�