Wealth manager Moneyfarm raises £36m in funding round led by Poste Italiane

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Digital wealth manager Moneyfarm has raised £36m in a series C funding round led by Poste Italiane, and has launched a strategic partnership with the Italian postal and financial services firm.

The partnership will integrate Moneyfarm’s services with Poste Italiane’s digital platform. The Italian company currently manages over €514 billion across its financial and insurance services, meaning the deal with Moneyfarm is set to be the largest API-based partnership in Europe.

An API – or Application Programming Interface – essentially acts as a software intermediary, allowing two applications to interact with each other. Moneyfarm is planning to use its API capabilities to form new partnerships in Europe, the company said.

Allianz Asset Management also contributed to the funding round, having partnership with Moneyfarm to expand into the wealth management market in Germany.

In results published today, Moneyfarm reported a narrower pre-tax loss for 2018, which fell six per cent to £13m.

The company’s revenue jumped just over 61 per cent to £1.6m. The group’s total AUM increased 83 per cent year on year to £734m.

“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,” said co-founder and chairman Paolo Galvani.

“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,” Galvani added.

Main image credit: Getty