UK digital wealth platform Moneyfarm is aiming to move into the personal financial management space with the acquisition of financial chatbot technology startup Ernest.
Moneyfarm is in the process of combining the technology behind Ernest with its existing product, with a view to helping users manage their money, budget, and figure out which investments products could be suitable based on financial habits.
Giovanni Daprà, co-founder and CEO of Moneyfarm, comments: “Artificial intelligence and a conversational user interface will help us to improve our algorithms and ultimately offer a better product to our customers. As we work to integrate chatbot technology across our product offering we’ll be able to assist over an individual’s full wealth lifecycle, from the first pay cheque through to retirement.”
The acquisition comes after bootstrapped Ernest failed to raise further funds through a crowdfunding campaign to grow the business independently.
Ernest CTO Lorenzo Sicilia has joined the Moneyfarm team to oversee the technology integration project.
Terms of the transaction were undisclosed.