
United Venture's Moneyfarm buys Ernest
Private-equity-backed Italian digital wealth management platform Moneyfarm has acquired London-based digital finance adviser Ernest.
The acquisition was financed exclusively via cash from Moneyfarm's balance sheet, unquote" understands, and comes as the Second Payment Services Directive (PSD2) regulation is due to come into effect across the EU and the European Economic Area in 2018. The norm requires banks to open their payments infrastructure and customer data assets to third parties that can then develop payments and information services to customers.
Following the bolt-on, Moneyfarm will expand its business across the personal finance chatbot market, incorporating artificial intelligence and conversational user interface to boost its product offering.
Previous funding
In November 2015, the company raised a €16m series-A round led by United Ventures, alongside Cabot Square Capital and Principia.
More recently, Allianz SE Ventures led a reported $7m series-B round for the business in September 2016.
Company
Founded in 2016 and headquartered in London, Ernest focuses on personal finance chatbots and aims to help individuals manage their savings and investments.
People
Moneyfarm – Giovanni Daprá (co-founder, CEO).
Ernest – Niall Bellabarba (co-founder).
Latest News
Adams Street secures USD 3.2bn for newest secondaries programme amid LP stakes dealflow uptick
Private markets investor has seen LP stakes increase as a proportion of its deployment over the past year, partner Jeff Akers said
Purple Ventures plans EUR 30m-EUR 40m fund to invest across CEE
Early-stage investor expects to hold a EUR 20m-plus first close for its second fund by Q1 2024
Bewater Funds nears EUR 7m close for second fund, aims to back 20 companies in next four years
Bewater II FCRE takes minority stakes (5%-25%) with tickets of EUR 500,000-EUR 2m, and it has already made three investments.
Unquote Private Equity Podcast: In conversation with... Fabio Ranghino, Ambienta
In an interview with Unquote, Ranghino discusses topics including ESG and the next phase of Ambienta’s growth