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Moneyfarm raises £36m Series C

Moneyfarm, the pioneering pan-European wealth manager, has raised a £36 million in its Series C funding round, as it launches what is set to be the largest API-based wealth management partnership in Europe.

Poste Italiane led the £36 million funding round as it launches the strategic partnership to integrate Moneyfarm’s unique blend of digital investment advice, human guidance and fully-managed portfolios with its digital platform.

With nearly 35 million customers, Poste Italiane currently manages over €514 billion through its financial and insurance services. This puts the agreement on course to be the largest API-based partnership in Europe.

Moneyfarm has reached an important milestone in its partnership model, as it looks to leverage its API capabilities in innovative partnerships across Europe.

In the UK, Moneyfarm is in the early stages of exploring new partnership opportunities and is looking to develop an integrated solution in 2020.

Allianz Asset Management also contributed to the Series C funding round, after expanding into the German wealth management market with Moneyfarm earlier this year.

Co-Founder and Chairman, Paolo Galvani said:  “Since launching in the UK, 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. A focus on our internal processes has helped speed up the pace and quality of innovation, allowing us to deliver even greater benefits to our customers and partners.

“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. After months of hard work, we’re in a strong position to utilise our API-based capabilities to deliver greater value for investors across Europe.

Chief Executive Giovanni Daprà added: “We believe that redefining the relationship people have with their wealth manager by combining human empathy with technology, is empowering investors across Europe to make confident investment decisions with simple investment solutions to build a more financially secure future.”

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