Digital wealth manager Moneyfarm acquires tech behind fintech chatbot Ernest

From Techcrunch


Moneyfarm, the U.K.-headquartered “digital wealth manager” has acquired the technology behind personal finance chatbot Ernest. Terms of the deal aren’t being disclosed, though I understand that, along with the tech, this is an acqui-hire of sorts, seeing London-based Ernest’s CTO Lorenzo Sicilia join Moneyfarm to oversee technology integration.

Founded in 2015 by Niall Bellabarba, Cristoforo Mione and Sicilia, Ernest was developing a personal finance manager powered by artificial intelligence and designed to run on top of Facebook messenger. After connecting to your bank accounts, the chatbot used natural language processing to answer questions on your financial well-being and transactions, but also to give you proactive notifications to help you manage your money better.

In this way it played in the same space as a number of other fintech chatbots, such as LocalGlobe-backed Cleo, Plum, and Chip. However, in comparison to competitors, Ernest had raised a very modest…

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