Moneyfarm, an Italian financial consultancy and asset management company, has acquired 100% of Profile Financial Solutions, also known as Profile pensions, a company active in the pension market (one billion euro in assets and 24,000 customers). The transaction, which marks progress in Moneyfarm’s international expansion process (€3.8 billion in assets under management and 115,000 customers globally) is expected to close in the first half of 2023.
Common digital approach
Since 2015, with the entry of Smedvig capital into its capital, Profile pensions has developed a proprietary technological platform that allows for the aggregation, management and consolidation of investments for pension purposes, making financial advice accessible to millions of British savers independent in pension matters.
Thus the company grows in the UK
“We are thrilled to announce – said Giovanni Daprà, co-founder and CEO of Moneyfarm – 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 an innovative reality with a vision of financial advice very similar to ours, based on a digital approach, simplicity, transparency and attention to costs”. Daprà also recalled that a year ago the company acquired “Wealthsimple’s customer portfolio in the United Kingdom”, while in January 2022 an agreement was closed with “M&G to develop a new digital investment service for the British market”.
The numbers
Founded in 2011 by Paolo Galvani and Giovanni Daprà, Moneyfarm is an independent financial consultancy company with a digital approach, specializing in medium-long term investments. With a team of 200 professionals, it manages the assets of over 90,000 savers. In the first half of 2022, the company saw masses and customers grow positively.
Compared to the first half of 2021, as at 30 June 2022 it recorded a 36% increase in net positive flows, a 46% increase in assets under management and a 50% increase in the customer base. In January 2022 it then completed a new round of financing of 53 million, subscribed by M&G and by Poste Italiane, already a minority shareholder since 2019. The company is one of the most financed innovative companies in Italy with a total of over 166 million euros collected.