Moneyfarm has become the latest digital wealth management company to have more than £1bn in assets under management, it announced today.
The milestone comes eight years after the launch of the company, which started out in Italy. Now UK-based, it boasts more than 45,000 customers in Britain, Italy, and Germany.
At the end of 2019, Moneyfarm said its assets under management had nearly doubled year-on-year to £824m, up from £485m at the close of 2018.
It crossed the threshold of £1bn AUM after “a positive acceleration” over the first months of 2020, it said.
“Despite the challenging market conditions and the impact of the coronavirus pandemic, the year to date has seen both AUM and active customers increase in the UK,” it added.
It comes after German financial service giant Allianz and the Italian postal service, Poste Italiane, led a £36m funding round in the company last year.
Paolo Galvani (left), co-founder and president, said: “Reaching £1bn in managed customer assets represents an important milestone in more ways than one.
“Financially, it is significant, but it’s also further proof that our model – combining human expertise with agile digital technologies – is increasingly recognised by those looking for a fresh approach to managing their savings.”
Meanwhile, Giovanni Dapra (right), co-founder and chief executive, added that the company would now focus on “further consolidating and developing the business across Europe”.
“We anticipate the launch of new investment solutions that are in line with our expansion plan.”