Digital wealth management outfit Moneyfarm has raised £40m in a new funding round led by Allianz Asset Management.

Allianz was joined by venture capitalist firm Endeavor Catalyst and Italian finance firm Fondazione di Sardegna, as well as existing investors United Ventures and Cabot Square Capital.

The latest deal raises Allianz’s stake in Moneyfarm and makes it the largest minority shareholder in the digital wealth manager. Allianz will now have two seats on Moneyfarm’s board.

The Allianz transaction is expected to close in the third quarter of this year, pending regulatory nod.

Allianz first acquired a minority stake in the digital wealth manager in September 2016. Also, in March 2018, Allianz Global Investors tapped Moneyfarm to develop an active wealth management solution for its UK employees.

Allianz Global Investors CEO Andreas Utermann said: “By partnering with Moneyfarm, with whom Allianz Global Investors has been working since 2017, we see the opportunity to combine their digital wealth management knowhow with our expertise in active investing and risk-optimisation to create something compelling for clients.

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“We believe that this will increase the availability of active investment knowhow in a cost-effective and easy to access structure.”

The latest investment takes the capital so far raised by Moneyfarm to £60m.

Moneyfarm CEO and co-founder Giovanni Dapra said: “This capital will help bolster our product and investment advice offering as we explore integrating Goal-Based Investments.”