Moneyfarm set to buy digital pension adviser Profile Pensions
British wealthtech Moneyfarm is set to acquire 100% of Profile Pensions, a UK digital pension adviser and pensions consolidator, for an undisclosed sum.
Moneyfarm to buy Profile Pensions
The deal, which is subject to regulatory approvals, is expected to close in H1 2023.
Since 2015, with funding from Smedvig Capital, Profile Pensions has been offering up its cloud-native platform to automate pensions advice, trading and consolidation. It currently has around £870 million in assets under management and serves 24,000 customers.
“Profile Pensions gives flexibility to pensions investing as it allows you to track down your pensions, identify which investments are suitable for you, and manage them in a way that’s more aligned to your circumstances thanks to the unique digital whole of market advice capabilities,” says Giovanni Daprà, co-founder and chief executive at Moneyfarm.
Moneyfarm says the purchase will help it “grow into a larger and broader player, with a significant depth of proposition in digital wealth management across the UK and Italy”.
“Through the acquisition of Profile Pensions, Moneyfarm will create an even greater opportunity for our clients to maximise the long-term value of their assets by allowing them to easily consolidate their pensions investments alongside their normal investment, ISA and SIPP accounts, setting Moneyfarm apart from any other platform in the UK,” Daprà adds.
The transaction has been financed by Moneyfarm’s current shareholders – M&G, Poste Italiane, Cabot Square Capital, United Ventures and Fondazione di Sardegna. As part of the deal, Smedvig Capital will also become a minority shareholder in Moneyfarm.
