The digital wealth supervisor will attain 115,000 prospects within the newest step in its “unbelievable journey” when the deal goes by means of subsequent yr.
Picture supply: Giovanni Daprà/Moneyfarm.
Moneyfarm has acquired digital pension adviser and pensions consolidator Profile Pensions.
The acquisition marks a “vital growth” of the web funding adviser into the UK pensions market, which at the moment sits at £680bn.
Based on Moneyfarm, the mix of the 2 firms will see it create a good stronger fintech enterprise for its prospects, bringing its property beneath administration to greater than £3.3bn.
“Via the acquisition of Profile Pensions, Moneyfarm will create a good better alternative for our shoppers to maximise the long-term worth of their property by permitting them to simply consolidate their pensions investments alongside their regular funding, ISA and SIPP accounts,” Moneyfarm co-founder and CEO Giovanni Daprà stated.
“Profile Pensions offers flexibility to pensions investing because it means that you can monitor down your pensions, establish which investments are appropriate for you, and handle them in a approach that’s extra aligned to your circumstances because of the distinctive digital entire of market recommendation capabilities.”
The acquisition, which is anticipated to shut within the first half of subsequent yr, will add one other 24,000 prospects to Moneyfarm, bringing its whole to 115,000.
The acquisition tops off a busy 12 months for the digital wealth supervisor.
Daprà stated the corporate has had an “unbelievable journey” within the UK, having acquired Wealthsimple’s UK guide of enterprise final yr and secured £44.1m in funding led by M&G which acquired a minority stake within the enterprise in January.
“This acquisition is one other testomony to our ambitions, serving to us consolidate our market place even in a difficult enterprise atmosphere,” Daprà added.
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