Allianz, which first invested in Moneyfarm in September 2016, was joined by new investors VC firm Endeavor Catalyst and Italian finance firm Fondazione di Sardegna, with further funding from existing backers United Ventures and Cabot Square Capital.

Moneyfarm uses a blend of algorithmic-based investment advice backed by a team of consultants to reassure its customer base of 27,000 active retail investors and discuss portfolio performance.

The firm - which in October acquired personal financial management chatbot startup Ernest - plans to use the funding to incorporate goal-based savings and smart budgeting, adding more data points ll as individuals’ needs.

Giovanni Daprà, CEO and co-founder of Moneyfarm, says: “Today marks an exciting milestone for Moneyfarm as we look to expand our customer base through a focus on greater personalisation of the investment advice we give to help support and guide customers along their wealth journey. Adding an additional layer of personalisation means that individuals and families will be allocated portfolios that help them achieve their financial dreams, whether it’s a child’s higher-education or building a retirement nest-egg.”

The company’s assets under management has grown by over 50% to £400 million over the last nine months, he adds, all of which has been accumulated by going directly to the retail market.

For Allianz, the investment in Moneyfarm provides a bridge to the rapidly growing digital advisory market.

“We can make our expertise in active investment management and risk-optimisation available to new client segments by combining it with Moneyfarm’s digital wealth management know how,” says Thorsten Heymann, global head of strategy, Allianz Global Investors. “Allianz’s investment in Moneyfarm increases our exposure to the rapidly growing market for digitally-enabled direct investment solutions.”