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MoneyFarm, the digital wealth management company, has completed a major round of financing as it prepares for its launch into the UK market. The company has raised a €16m investment from UK based Cabot Square Capital, the specialist financial services investor, and United Ventures.

MoneyFarm uses technology to deliver high quality advisory and discretionary services at a fraction of the cost of a traditional wealth management firm. With one of Europe’s largest FinTech fundraising rounds of 2015, MoneyFarm will be able to accelerate growth to become Europe’s leading Digital Wealth Manager.

According to Oliver Wyman, in the UK alone this market is expected to grow to GBP 20-30BN by 2019. The company in its short history has already built up a registered user base of more than 50,000 in Italy with monthly double-digit assets growth.

Paolo Galvani, Chairman and co-founder of MoneyFarm, comments: “We believe that UK investors deserve cheaper and more transparent wealth management services. Their investment returns are really suffering because of the service they are currently getting.. British consumers are very tech savvy and they are looking for a better experience across all services offered by the traditional industry and wealth management is no exception.” “Wealth management and advisory services in both the UK and Europe have typically been very expensive while delivering below market performance and poor customer service. We believe technology is the key to create solutions that can achieve far better results for customers at a much cheaper cost. Our mission is to enable people to take control of their savings and manage them in a simple and efficient way. Keeping costs down is one of the major drivers of better investment results over the long term. That’s why we decided to combine technology and process innovation with structurally low costs instruments such as ETFs.”

However, MoneyFarm explains that simplicity, transparency and efficiency are not enough – customers also want a high quality advisory service that helps them build and manage their wealth over time.

As well as launching in the UK in 2016 MoneyFarm plans to continue the double-digit growth in the Italian market while positioning itself to be Europe’s leading Digital Wealth Management business. MoneyFarm recently received regulatory approval from the UK’s FCA and is also regulated by the Bank of Italy and CONSOB.