Digital wealth manager Moneyfarm announced its results for the financial year 2019. The company reported steady year-on-year growth in revenues, rising from £1.61 million in 2018 to £2.72 million in 2019, while pre-tax losses have fallen.
With the financial support from Allianz Asset Management and Poste Italiane in its latest series C funding round last year, Moneyfarm has invested heavily in its advice offering. The company has also continued to expand its customer base through partnerships and improvements to its digital platform.
The first half of 2020 was one of the most financial difficult periods for investors driven by the Covid-19 pandemic and economic uncertainty. However, Moneyfarm managed to register growth across the board. The digital wealth manager’s assets under management now sit at more than £1billion – up 53% compared to June 2019. The number of active customers has now exceeded 50,000, with 34% rise compared to the end of June last year.
Moneyfarm reported that gross inflows from January to June 2020 rose 75%, compared to the same period in 2019. Deposits in the company’s accounts in the UK were up by a third (+34%), including a 55% growth in top ups deriving from current customers.
Recent data from the European Central Bank shows that in March and April, liquidity stored in current accounts grew by more than £15 billion (two and a half times that of the same months in 2019) as people turned to cash to hold wealth.
