Allianz Ventures leads series-B round for MoneyFarm

As part of the deal, Allianz will secure a minority stake in the business and a representative will join the company's management board.

According to press reports, the present funding round saw Allianz inject a $7m equity ticket into the business. The company aims to use the capital injection to boost its expansion across Europe as well as to use the investor's know-how to bolster its products.

The company's board already includes representatives from Deutsche Bank, Morgan Stanley and BlackRock, as well as Google and online music service Last.fm.

Previous funding
In November 2015, the company raised a €16m series-A round led by United Ventures, alongside Cabot Square Capital and Principia.

Company
Founded in 2011 and headquartered in Milan, MoneyFarm develops a digital platform focused on wealth management. The business generates all its revenues through client fees and claims to reach 85 million customers globally.

The company also has a presence in Cagliari and London, and employs 60 people.

People
Allianz SE Ventures – Solmaz Altin (chief digital officer).
United Ventures – Paolo Gesses (managing partner).
Cabot Square Capital – James Clarke (partner).
MoneyFarm – Paolo Galvani (co-founder, chair); Giovanni Daprà (co-founder, CEO).

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• Topics
• Expansion
• Technology
• Southern Europe
• Italy
• Venture