MoneyFarm, the European digital wealth management company has today launched its app out of initial beta with version 1.4, making it the UK’s first ever digital wealth management service available on iOS for investors of sums from as little as £1.
The MoneyFarm app offers investors a smart way to take control of their investments on the go, cut unnecessary banking charges and take advantage of expert financial advice previously restricted to high net worth individuals.
After raising €16m from Cabot Square Capital and United Ventures, the London-based fintech startup has been honing its technology and developing its pioneering service to respond directly to the needs of investors who want to be able to invest their money without the banking charges associated with traditional wealth managers.
MoneyFarm products are completely fee and commission free for the first £10,000 invested and fee and commission free for savings over £1M, changing the age-old practice of unlimited fee increases and positioning them as one of the most competitively priced wealth managers in the UK.
But reduced banking charges are just one of the benefits for users of the app. Fast and transparent accessibility to funds as and when you need them is also a huge benefit to those who want easy access to their portfolio of investments on the go. MoneyFarm 1.4 arrives with a sub 7 minute account creation feature and touch ID sign in; eliminating the often frustrating process of logging into a financial service. A fully transparent Asset Allocation Wheel allows users to see exactly what percentage of their account is dedicated to which asset class (stocks, bonds, gold etc), then drill down even further to view the exact performance of the electronically traded funds (ETFs) that have been purchased.
The portfolio management service enables users to top up and withdraw funds at the touch of a button, making it easier than ever for people to put investing in their future at the top of their priority list.
“We are hugely excited to launch the UK’s first investment app,” said Paolo Galvani, Co-Founder and Chairman of MoneyFarm. “Our mission is to enable people to take greater control of their investments and offer them the ability to do this in a simple and efficient way. As reliance on mobile devices grows, UK investors want the functionality to manage their investment portfolios “on the go”. It is vital that any challengers to the wealth management market respond to this need. Investors want convenience, independence, a high quality of service, good returns and competitive pricing – that is what we aspire to provide at every step of the process.”
The portfolios offered will be crafted to the investor’s risk appetite which is established through MoneyFarm’s sophisticated algorithms and user-friendly risk profiling, all of which can be done via smartphone. Based on this, investors are aligned to one of the six portfolios created by combining advanced technology with a wealth of financial and investing expertise; the MoneyFarm team comprises top management with an impressive history at financial institutions including Deutsche Bank, Citigroup and BlackRock, world leading technology giants such as Google and top consumer brands including graze.com and Last.fm. Nobel laureate Michael Spence is one of MoneyFarm’s investment strategy advisors.