Moneyfarm, the digital wealth manager, today announces a 16% month-on-month average growth and another new senior hire as it celebrates its one-year anniversary of launching in the UK.
Since arriving in the UK, Moneyfarm has doubled its number of employees and now boasts an 80-strong team. Most recently, Scott Gallacher joins the team as Moneyfarm’s Chief Commercial Officer, following December’s announcement of both Paolo Savini Nicci as Chief Financial Officer and Richard Flax as Chief Investment Officer.
Gallacher joins Moneyfarm with over 20 years of experience – working with the likes of Facebook, Sky and American Express, Scott has helped to grow some of the world’s best-known brands. At the Department of Work and Pensions, he saw first-hand the power that strong financial services products can have over the willingness of individuals to save more and provide for their future. At Moneyfarm, Gallacher is responsible for ensuring that the consumer remains at the heart of everything as the company enters its next phase of growth.
Moneyfarm’s customers, which have grown by close to 150% over the last year, are each aligned with an investment portfolio based on their investor profile. The model portfolios on which these are based have all enjoyed positive performance since launch – ranging from 4.7%-21.5%. The balanced portfolio achieved 15.7% compared to the ARC benchmark which achieved 10.9% with a comparable risk profile.
In September 2016, Moneyfarm also announced a strategic investment from Allianz – testament to the progress the company has made in the fast-growing digital wealth management sector.
Moneyfarm has since partnered with global money app Revolut, creating an offer that activated users across both platforms. And just last week it announced a new partnership with ride-hailing app Uber which will provide its partner-drivers access to pension and ISA products for the first time in the UK.