Moneyfarm, an online investment platform, has raised £40m in a fresh round of funding.

The round was led by existing backer Allianz Asset Management. The investment, however, is still subject to regulatory approval, and is expected to complete by the beginning of Q3 this year.

Moneyfarm, which has so far raised £60m, says it will use the cash to fuel growth.

VC firm Endeavor Catalyst and Italian finance firm Fondazione di Sardegna joined the round as new investors.

Further funding came from existing backers United Ventures and Cabot Square Capital.

“Moneyfarm’s aim is to help individuals better manage their money and increase their wealth to reach their goals,” said Giovanni Daprà, CEO and co-founder of Moneyfarm. “We firmly believe that efficient investment management has to be coupled with clear investment advice to achieve the best outcome for our customers over the long term. This is where we see the real value added from digital investments,” he added.

“Over the last few years, we’ve grown rapidly to become one of the largest digital wealth managers in Europe and one of the few to be successfully operating at scale in more than one country. We now have over 27,000 active investors.

“Today marks an exciting milestone for Moneyfarm as we look to expand our customer base through a focus on greater personalisation of the investment advice we give to help support and guide customers along their wealth journey,” he added.

Once customers register with Moneyfarm, they receive an investor profile. This is then combined with a set of parameters (including time, and the amount they are looking to invest against their current assets). The company’s algorithm then recommends a bespoke portfolio.

Thorsten Heymann, global head of strategy of Allianz Global Investors, said: “We can make our expertise in active investment management and risk-optimisation available to new client segments by combining it with Moneyfarm’s digital wealth management know how. Allianz’s investment in Moneyfarm increases our exposure to the rapidly growing market for digitally-enabled direct investment solutions.”

James Clark, partner at Cabot Square Capital, said his firm was proud to be able to continue to support the company as they look to leverage technology in a bid to disrupt the asset management arena.

“Since our initial investment, the company’s AUM and customer base has grown by more than 700%. But more importantly, the team at Moneyfarm has built a leading edge digital platform that provides high quality investment services and advice at an affordable cost. We look forward to partnering with United Ventures and Allianz Asset Management to help take Moneyfarm to the next level,” Clark concluded.