Italian postal service provider Poste Italiane has bought a minority stake in robo-adviser Moneyfarm. The investment platform raised £36m in the recent funding which was led by Poste Italiane.
The partnership enables Poste Italiane to offer digital investment and asset management services using Moneyfarm’s platform.
Operating in the UK, Italy and Germany, Moneyfarm offers a seven-strong range of ETF portfolios to investors, all with varying risk preferences.
The deal provides Poste Italiane to distribute an asset management service using Moneyfarm’s seven portfolios, two of which are exclusively developed for the postal company.
Moneyfarm will continue to manage the portfolios while Poste Italiane will handle the customer service and customer relationship management.
According to a study by Boring Money, it costs a robo advisor on average £500 to acquire each customer.
Matteo Del Fante, CEO and general manager of Poste Italiane commented: “Our strategy for financial services based on the Deliver 2022 plan is centered on a product offering destined to become a single point of reference for our 35 million customers.
“Thanks to the modular and flexible architecture of our technological platform, we are able to integrate innovative players such as Moneyfarm to further develop our multi-channel asset management platform, to better meet the needs of different customer groups.”