Digital wealth manager Moneyfarm is set to cease its German operations less than 18 months after it launched.

In June 2019, the firm announced its expansion into Germany with an exclusive partnership with Allianz.

At the time, the firm said: “Building on our mission to be Europe’s leading digital wealth manager, the innovative partnership is helping redefine the relationship between fintech and traditional financial services.”

However, now a statement on Moneyfarm’s German website reads: “Unfortunately, Moneyfarm will soon cease operations in Germany. Therefore it is no longer possible to open an acc...