Moneyfarm strikes deal to fully-acquire digital advice platform Profile Pensions
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Online investment adviser Moneyfarm has agreed to fully acquire digital pensions planner Profile Pensions as it pushes forwards with efforts to expand its client base and services offerings.
The cash-and-shares deal for an undisclosed sum will see Moneyfarm’s shareholders finance a 100 per cent takeover of the Preston headquartered pension adviser, as it seeks to capitalise on the UK’s £680bn pensions sector.
Pensions consolidator Profile Pensions currently has 24,000 customers and around £870m worth of assets under management (AUM).
The deal will bring Moneyfarm’s AUM to £3.3bn in giving it responsibility for more than 115,000 customers.
It comes after Moneyfarm secured £44.1 worth of investment in January from City investment firm M&G, in a deal that valued the Milan headquartered fintech company at £350m.
Founded in 2012, Moneyfarm launched its own self-invested private pension (SIPP) platform in 2018, which offers various portfolios based on users’ own risk and wealth profiles.
The Profile Pensions deal will see London-based investment fund Smedvig Capital become a minority shareholder in Moneyfarm.