Moneyfarm agrees £44.1m funding round as investment house M&G takes stake
Summary
Investment house M&G, which has over £370bn of assets under management and administration, will take a minority stake in Moneyfarm as part of its funding agreement. Poste Italiane, which is also a Moneyfarm shareholder, is also investing in the round, which will be completed by the end of the first quarter of 2022. It will offer a collection of multi-asset portfolios, backed by actively-managed and passive funds, utilising Moneyfarms technology and digital prowess. Giovanni Daprà, co-founder and CEO at Moneyfarm, said: “Our distinctive partnerships with established players in the industry such as Poste Italiane, Allianz and UniCredit 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 and welcome them as an investor.” David Montgomery, managing director at M&G Wealth added: "The first milestone will be to start working together in the UK to build a simple and effective digital offering for the benefit of a new generation of savers."