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FT Partners Advises Moneyfarm on its acquisition of Ernest

Overview of Transaction

  • On October 6, 2017, Moneyfarm announced it has acquired the technology behind Ernest
  • Ernest is a personal banker chatbot, powered by Artificial Intelligence that combines natural language processing technology with machine learning, Ernest aims to help individuals manage their money better
  • Headquartered in London, U.K., Moneyfarm is a digital wealth manager operating in both Italy and the U.K.
  • Moneyfarm will work to combine Ernest’s technology with its existing services

Significance of Transaction

  • Ernest’s technology has the ability to tap into daily transactional behavior of customers, which will prove critical as Moneyfarm works to provide more personalized financial advice
  • Ultimately, the acquisition will enhance Moneyfarm’s product, improve underlying algorithms and better assist customers through the entire wealth lifecycle

FT Partners' Role

  • FT Partners served as exclusive strategic and financial advisor to Moneyfarm
  • This transaction underscores FT Partners' deep domain expertise and successful track record in the WealthTech space