Digital wealth manager Moneyfarm has launched a ‘platform as a service’ known as '&me' for M&G and powered by M&G Wealth.

It is available as an Android and iOS app as well as a web application.

The company said it would target a new generation of investors, helping them to feel more confident about their investment decisions.

It is hoping to target the estimated 6.5m potential customers in the UK open to using digital advice.

Clients of the new &me app will have access to classic or targeted portfolios.

The classic portfolios are made up of a diversified portfolio of ETFs investing in equities and bonds across different regions, such as US equities and UK corporate bonds.

The targeted portfolios invest in a blend of active and passive funds. They are actively managed funds and invest in equities, bonds and alternatives.

Daniel Giddings, head of business development UK, Moneyfarm said: “To bring a bespoke ‘platform as a service’ solution and new brand to market in just nine months is almost unheard of.

“&me brings together Moneyfarm’s technology, M&G Wealth’s investment expertise and the all-important human touch provided by the dedicated &me investment consultants.”

He explained that the platform uses an algorithm when clients go through the onboarding process and a suitable portfolio is suggested, based on the customer’s specific risk appetite, financial knowledge and financial situation.

Giovanni Daprà, co-founder and chief executive at Moneyfarm, said: “We have been growing our B2B2C partnerships and leveraging our API capabilities.”

He said it has already been successful in Italy and embedded into the propositions of Poste Italiane (Postefuturo Investimenti), Unicredit’s Buddybank (Steppy by Moneyfarm) and Banca Sella (Sella Evolution powered by Moneyfarm).

Mr Daprà said: “In the UK we are very excited to launch our first partnership with M&G plc and look forward to helping many more savers in their digital wealth journey.” 

Moneyfarm is a pan-European digital wealth manager with more than 80,000 active investors and more than £2bn invested on its platform. Launched in Milan in 2012, Moneyfarm claims to be the largest robo-adviser in Italy and the second largest in the UK.

Last week M&G said it had taken a minority stake in Moneyfarm.