Home » Moneyfarm is still growing in the United Kingdom: it buys a billion assets and 24 thousand customers of Profile Pensions

Moneyfarm is still growing in the United Kingdom: it buys a billion assets and 24 thousand customers of Profile Pensions

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Moneyfarm is still growing in the United Kingdom: it buys a billion assets and 24 thousand customers of Profile Pensions

An important growth step for Moneyfarm, the digital financial consultancy company of Italian origin and based in London. In fact, it buys 100% of Profile Financail Solution (Profile Pensions), a leading digital advisor in the UK that deals with pension positions and has over one billion euros in assets and 24,000 clients. Profile Pensions has a proprietary platform that allows you to manage investments for pension purposes, effectively giving British savers the opportunity to receive independent financial advice on saving for retirement.

With this acquisition, the value of which has not been disclosed except that it will take place with a mix of cash and shares, it brings Moneyfarm’s assets under management to over 3.8 billion euros, with 115,000 customers globally. The former startup – at the beginning of the year it had completed a 53 million round of financing led by M&F with the Italian Post Office – is now thinking on a different scale and is among the leaders in the savings management segment with a digital approach at European level. “The acquisition consolidates – explains a company note – the Company’s business in the UK pension market, which is now worth over 780 billion euros and recorded a 24% growth in the period 2016-2020, thanks to the triggered by the tax incentives envisaged by British legislation and by the degree of maturity and diffusion of supplementary welfare”.

The operation comes at a positive moment for Moneyfarm, which is also in a very complicated phase for the financial markets caught between the volatility caused by the increases in the rates of the central banks and the uncertainties on the geopolitical evolution, inflation and energy costs. In the first half of the year, Moneyfarm recorded growth in assets and customers with a 36% increase in net positive flows, a 46% increase in assets under management and a 50% increase in the customer base compared to the first half of 2021.

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Giovanni Daprà, co-founder and CEO of Moneyfarm, remarked that this is “a decisive step in Moneyfarm’s growth path, crowning a profitable year for the Company, despite the complexities of the financial context. Profile Pensions is a reality innovative with a vision of financial advice very similar to ours, based on a digital approach, simplicity, transparency and attention to costs.Twelve months ago we acquired the client portfolio of Wealthsimple in the UK and in January 2022 we entered into a partnership with M&G to develop a new digital investment service for the British market. All this has a significant impact on the growth of masses and clients and considerably strengthens our leadership in Europe. I thank our shareholders who have once again supported us in this important moment”. In the transaction, Barclays and Linklaters followed Moneyfarm for the financial and legal aspects, respectively.

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