Milan based robo-advisor MoneyFarm has raised $17.2m of Series A financing from Cabot Square Capital and United Ventures. Launched in Italy in 2012, the company has 50k users and is using the funds to prepare for launch next year in the UK (where the digital wealth management market is predicted to be worth up to £30 billion by 2019).
Paolo Galvani, chairman, MoneyFarm, says: "Wealth management and advisory services in both the UK and Europe have typically been very expensive while delivering below market performance and poor customer service. "We believe technology is the key in creating solutions that can achieve far better results for customers at a much cheaper cost. Our mission is to enable people to take control of their savings and manage them in a simple and efficient way."