Allianz Ventures has acquired a minority stake in digital wealth management firm MoneyFarm by making an undisclosed investment.
Founded in 2012, MoneyFarm launched operation in the UK this year. It intends to use the investment to finance its expansion in the UK and across Europe.
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“The enhanced resources and knowledge provided by Allianz’s investment will support the realisation of MoneyFarm’s vision to make wealth management a right not a luxury,” MoneyFarm said in its press statement.
MoneyFarm chairman and co-founder Paolo Galvani said: “This investment is an endorsement of what we have achieved so far and also an indication that we have so much potential ahead of us. It is becoming increasingly clear that existing players in this space have barely scratched the surface of possibilities. Across the whole investment lifecycle there is a need for a better model and a better solution. All the feedback we get from our customers is that this is exactly what they have needed.
“We have a relentless focus on creating solutions that fulfil customer needs. User friendly technology is not enough without excellent portfolio performance and we are delivering on that count as well. Our performance through market volatility, created by the vote to leave the EU, is testament to our investment strategy.”
Allianz chief digital officer Solmaz Altin said: “The combination of online and offline advisory has become a key trend in the wealth management space enabled by technology. Based on the partnership with MoneyFarm, we will further drive innovation to provide better experience to our partners and customers.”
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By GlobalDataThe MoneyFarm team comprises senior management from financial institutions including Deutsche Bank, Morgan Stanley and BlackRock as well as from leading technology giants Google and Last.fm, the online music service.
