Venture Capital
Digital wealth manager Moneyfarm has today grabbed £40m in a funding round led by the asset management arm of insurance giant Allianz. The funding round – which saw contributions from new parties Endeavor Catalyst and Italy's Fondazione di Sardegna, as well as existing investors United Ventures and Cabot Square Capital – is the largest to date by a European digital wealth manager. It brings the total raised by Moneyfarm, which manages around £400m of people's money, to £60m, as the business aims to compete with peers such as Netwealth, Nutmeg and Wealthify.