Allianz Ventures is making an undisclosed strategic investment in wealth management startup MoneyFarm.
The move will see the insurance giant’s venture arm take a minority stake in the Italian company.
Moneyfarm is a digital investment advice platform designed to allow small savers to invest their money at a significantly reduced cost.
The company was founded in Italy in 2012 and now counts a community of more than 60,000 users with offices in Milan, Cagliari and London.
MoneyFarm chairman and co-founder Paolo Galvani said, “It is becoming increasingly clear that existing players in this space have barely scratched the surface of possibilities.
Across the whole investment lifecycle there is a need for a better model and a better solution.”
The investment is Allianz Ventures’ first into a digital wealth management platform.
Its previous moves such as participation in Argus Cyber Security’s $26m Series B round and the $11m raised by Urgent.ly focused on innovation around insurance.
Last year MoneyFarm took €16m in a Series A round led by Cabot Square Capital.
The venture firm’s partner James Clarke said of Allianz’ investment, “All of the team and existing shareholders are really excited about the investment from Allianz Ventures.
With over 85 million customers worldwide they bring unparalleled global experience which will help to accelerate MoneyFarm’s product proposition globally.”
The company says the new investment will be used to accelerate its expansion around the UK and Europe.
MoneyFarm cofounder Giovanni Daprà is just one of the CEOs from innovative fintech startups speaking at the FinTech Investor Forum in London on November 24th.
He’ll join executives from other wealthtech leader such as Ricky Knox from Tandem Bank and Starling Bank CEO and founder Anne Boden, as well as senior-level investors from firms including Balderton Capital, BlackFin and NorthZone.
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