Insurance group Allianz led a £40m ($53.1m) series B round for UK-based robo-advisor developer Moneyfarm on Tuesday through its Allianz Asset Management subsidiary.
Endeavor Catalyst, Cabot Square Capital, United Ventures and Fondazione di Sardegna also took part in the round, though Allianz remains its largest external shareholder and also holds two seats on its board of directors.
Founded in Italy in 2011, Moneyfarm has created a digital wealth management platform that provides advice and investment options to an active user base of more than 27,000.
The company looks to establish portfolios with diversified asset classes, currencies and geographic markets, charging prices lower than traditional managers. It launched a pension management offering earlier this year, and will use the funding to develop additional products.
Moneyfarm had already received an amount of funding from Allianz Asset Management reported by the Financial Times to be $7m in September 2016.
Cabot Square and United Ventures had provided $17.7m for the company 10 months earlier, while Principia SGR had invested an initial $3.4m in 2012.
Andreas Utermann, chief executive of Allianz subsidiary Allianz Global Investors, said: “Digital wealth management is of increasing interest and relevance to individuals looking to invest for their future.
“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.”