Poste Italiane and M&G have subscribed to a capital increase in MFM Holding Ltd (Moneyfarm), which has completed a financing round worth 53 million euros (44.1 million pounds), reaching a total capital raising equal to over 166 million euros. The private placement transaction, with Barclays as agent and Weinberg Partners, STJ Advisors and Vitale as financial advisors, will be completed by the first quarter of 2022 with M&G acquiring a minority stake, while Poste, already a shareholder since 2019, will increase its investment so as not to dilute the share already held.
Founded in 2011 by Paolo Galvani and Giovanni Dapra, Moneyfarm is an independent financial consultancy company with a digital approach, specializing in medium-long term investments. With a team of 150 professionals, the company manages the assets of over 80,000 savers (on a basis of 400,000 active users). In recent years, the company has entered into commercial partnerships in the B2B2C segment with Banca Sella in 2018 (“Sella Evolution powered by Moneyfarm”), with Poste in 2019 (“Postefuturo Investimenti”, offering digital asset management services to its customers) and with buddybank, Unicredit’s smartphone bank, in 2021 (“Steppy by Moneyfarm”, a fully digital investment offer from smartphones,
The main shareholders of Moneyfarm, together with Poste Italiane and M&G, are the Allianz group, Cabot Square Capital and United Venture. The company closed 2021 with assets under management growing by 72%, higher net positive flows (+ 128%) and an increase of 73% in new customers (today over 80 thousand) compared to 2020. This new round of financing will be used to further increase the retail customer base (B2C segment), expand the offer with new investment solutions and develop in the B2B2C segment through strategic partnerships, thanks to which Moneyfarm will be able to expand its service model and consolidate its positioning in the reference, Italy and United Kingdom.
In particular, M&G and Moneyfarm have signed a commercial partnership for the launch, in the British market, of a new digital investment solution under the M&G Wealth brand. M&G will take advantage of the Italian company’s “platform as a service” platform to offer an entirely digital product in the United Kingdom, aimed at new generation retail customers. This B2B2C commercial agreement, the first in the British market for the Italian company, accelerates its international growth path and confirms its business model.
“We are honored to welcome these important investors who have decided to share their experience with us and further support us in our growth path at European level”, commented Giovanni Dapra, co-founder and CEO of Moneyfarm. “M&G is a unique partner with whom we will work immediately to accelerate development in the United Kingdom even more. Poste Italiane is already one of our major minority shareholders as well as commercial partner in the Postefuturo Investimenti offer and we are very pleased that you continue to support us. in achieving our goals: it is an important confirmation of the validity of our innovative business model, which has always combined technology and human skills. ”
David Montgomery, Managing Director of M&G Wealth, added: “We have been very impressed with Moneyfarm’s innovative approach and are thrilled to support the Company in its growth plans. The first milestone will be to start working together in the UK to build a ‘digital offer, simple and effective, for the benefit of a new generation of savers. ” (All rights reserved)
