Digital wealth management FinTech Moneyfarm has raised £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’s existing technology, digital capabilities and investment guidance to create its own new branded proposition.
In 2021 Moneyfarm’s 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 £2.2 billion in AuM.
M&G, in operation for 90 years, manages assets of over £284bn.
“Moneyfarm was founded in 2012 on the core principle that personal investing should be simple and accessible,” said co-founder and CEO Giovanni Daprà.
“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.”