European digital wealth manager Moneyfarm has created a ‘platform as a service’ solution for M&G Wealth in the UK.
This comes after M&G acquired a minority stake in Moneyfarm in January 2022, and as part of the deal, the two entered into a partnership for the creation of the app.
The investment app called &me was developed in nine months for the wealth giant and will be available via Android, iOS or as a web app.
The two companies said the solution wants to target a “new generation of savers” with a “digital-first investing experience”.
Moneyfarm will provide the marketing coordination services, as well as operate the core platform, provide relationship management, portfolio management and investment advice services to &me customers. M&G Wealth, on the other hand, will offer advice to Moneyfarm on the composition and rebalancing of the risk weighted portfolios.
Giovanni Daprà, co-founder and chief executive at Moneyfarm, said: “Moneyfarm was launched to help make investing more accessible, simple and transparent. As part of this we have been growing our B2B2C partnerships and leveraging our API capabilities. This has been very successful in Italy and already embedded into the propositions of Poste Italiane, Unicredit’s Buddybank and Banca Sella, serving thousands of customers.
“In the UK we are very excited to launch our first partnership with M&G and look forward to helping many more savers in their digital wealth journey.”
Daniel Giddings, head of business development UK at Moneyfarm, added: “To bring a bespoke ‘platform as a service’ solution and new brand to market in just nine months is almost unheard of. We have offered full flexibility of approach in the launch of &me and provided a fully outsourced solution. &me brings together Moneyfarm’s best-in-class technology, M&G Wealth’s investment expertise and the all-important human touch provided by the dedicated &me investment consultants.
“The platform uses an algorithm when clients go through the onboarding process and a suitable portfolio is advised upon. This is based on the customer’s specific risk appetite, financial knowledge and financial situation. What was most important for M&G was to have the human touch and we have provided dedicated &me consultants that clients are able to reach out to in a way that suits them, by phone, in-app, webchat or video calls, supporting them with their portfolio, the wider market or building their investment plan.
“Moneyfarm is focused on delivering for our partners and continuing to evolve our proposition and developing our B2B2C solutions is a key area of growth for our business.”