Moneyfarm purchases technology behind Ernest

Moneyfarm, the digital wealth manager, has purchased the technology behind Ernest. This makes Moneyfarm the first wealth manager to explore the use of a personal finance chatbot to help individuals manage their money and investments.

This does mean we’ll be switching off Ernest for now but you can sign up at moneyfarm.com to be the first to hear when we’ll be back. All the details you’ve given us so far will be deleted and won’t be stored by either Ernest or Moneyfarm.

Moneyfarm is in the process of combining the technology behind Ernest with its existing product. The vision is to be able to help users manage their money, budget, and even help users figure out which investments products could be suitable based on financial habits.

Giovanni Daprà, Co-Founder and CEO of Moneyfarm, commented: “Artificial intelligence and a conversational user interface will help us to improve our algorithms and ultimately offer a better product to our customers. As we work to integrate chatbot technology across our product offering we’ll be able to assist over an individual’s full wealth lifecycle, from the first pay cheque through to retirement.”

Niall Bellabarba, Co-founder of Ernest said: “Moneyfarm’s acquihire of the Ernest technology provides the opportunity to accelerate the vision for Ernest, to create a better financial adviser for consumers. We’d like to thank everyone who has supported Ernest so far, and we’re excited by Moneyfarm’s vision for the future of the technology.”