Allianz’s asset management unit, Allianz Asset Management, has increased its minority stake in UK-based money manager MoneyFarm by building on its initial investment from September 2016 and leading the startup's £40 million (€46 million) Series B round.
Other investors in the round include Endeavor Catalyst, Italian finance firm Fondazione di Sardegna, private equity firm Cabot Square Capital and initial investor United Ventures.
Moneyfarm, which is based in London, will complement capabilities and selected products of Allianz’s asset management and insurance entities with its existing product offering.
As part of a UK pilot, Allianz has been offering its UK-based employees the opportunity to invest via Moneyfarm in actively managed funds of the Group’s two asset managers, Allianz Global Investors and PIMCO.
“By partnering with Moneyfarm, we see the opportunity to combine their digital wealth management knowhow with our expertise in active investing and risk-optimization to create something compelling for clients,” said Andreas Utermann, CEO of Allianz Global Investors.
Following the additional investment, Allianz will hold two seats on the board of Moneyfarm.
“Over the last few years, we’ve grown rapidly to become one of the largest digital wealth managers in Europe and one of the few to be successfully operating at scale in more than one country. We now have over 27,000 active investors,” said Giovanni Dapra, Moneyfarm CEO and Co-Founder.
“Today marks an exciting milestone for Moneyfarm as we look to expand our customer base through a focus on greater personalisation of the investment advice we give to help support and guide customers along their wealth journey.”