Moneyfarm, a Milan, Italy and London, UK-based digital wealth manager, acquired the technology behind Ernest, a personal finance chatbot.
The amount of the deal was not disclosed.
Led by Niall Bellabarba, co-founder, Ernest is a personal banker, which combines natural language processing technology with machine learning. Powered by artificial intelligence and leveraging Facebook messenger, Ernest connects with an individual’s bank accounts to answer questions and send proactive notifications.
The purchase will enable Moneyfarm to explore the use of chatbot technology to help individuals manage their money and investments by combining the technology behind Ernest with its existing services.
Co-founded in 2012 by Paolo Galvani and Giovanni Daprà, Moneyfarm is a digital wealth manager which aims to simplify investments and offer advice on diversified portfolios on a range of asset classes.
Regulated by the FCA, the platform has more than 150,000 active users and is has secured close to US$30 in capital.