Postal service Poste Italiane has led a £36m ($44.4m) series C round for UK-based wealth management services provider Moneyfarm in connection with a strategic partnership between the duo, City AM reported yesterday.
Allianz Asset Management (AAM), a subsidiary of insurance firm Allianz, also took part in the round, having already teamed up with Moneyfarm in the German wealth management market.
Founded in Italy in 2011, Moneyfarm has created a digital wealth management platform that provides advice and investment options for pensions, savings and other investment portfolios.
The company has also built an application programming interface which links its software to third-party platforms in order to facilitate partnerships with financial services providers in Europe.
Moneyfarm’s technology will be integrated into Poste Italiane’s digital wealth management platform through the partnership deal.
AAM led Moneyfarm’s last round in May 2018, a $53.1m series B in which it maintained its position as the company’s largest shareholder, investing alongside Endeavor Catalyst, Cabot Square Capital, United Ventures and Fondazione di Sardegna.
The series B round followed an earlier investment from AAM reported by the Financial Times to be $7m, in 2016, after Cabot Square and United Ventures had provided $17.7m the year before.
Venture capital firm Principia SGR paid $3.4m for a 28.5% stake in Moneyfarm in 2012 as part of a round that also featured United Ventures, before private investor Vittorizo Terze added an undisclosed amount of funding later the same year.