Allianz Asset Management and Poste Italiane, the retail-banking arm of the Italian post office, have each participated in the latest fundraising of UK digital wealth manager Moneyfarm.
While Poste Italiane is the lead investor in Moneyfarm's €40m series C financing round - expected to close at the end of the year -, Allianz Asset Management will also provide extra cash. The German manager already banks Moneyfarm.
Moneyfarm has also announced its plans to reach a strategic distribution partnership with Poste Italiane.
Through the deal, the digital investment products of Moneyfarm will be distributed to the Italian company's clients through its asset management platform.
Moneyfarm, founded in 2012, operates across the UK, Italy and Germany, via a recent joint venture with Allianz.