Italy’s MoneyFarm receives €2.65m to develop online investment advisory
Italy’s online advisory firm MoneyFarm, has announced a €2.65m fund raise from venture capitalists Principia SGR.
Launched in August, MoneyFarm was initially financed by Annapurna Ventures and JV Capital.
Moneyfarm.com provides investment advisory to small medium savers through a scalable platform. The firm targets retail investors to offer a more automated advisory compared to traditional financial institutions based on the extensive use of ETFs.
MoneyFarm currently has €20m of assets under advisory, and following the capital raise it is looking to increase the range of services offered, as well as launching new offices across the country.
“Our biggest goal is to spread financial literacy and position us as a leader in this new disruptive industry of web based financial services,” said Paolo Galvani (pictured), chief executive officer and co-founder of the firm with Giovanni Daprà.
Daprà added: “We want to change the industry in a way that shifts the balance of power from financial institution to savers. As investment manager, I’m a believer in the importance of low cost, diversification and tactical rebalancing. Our goal is to bring a top notch investment process, which is nowadays a privilege of a small percentage of investors, to anyone.”