Investing app Moneybox bags £30m, plans crowdfund
Posted on July 17, 2020 by Jonathan Symcox
Saving and investing app Moneybox has raised £30m in a Series C funding round.
The London firm has been backed by existing investors including Eight Roads, and new investors Breega and CNP.
Moneybox is planning to launch a ‘private’ crowdfund before the end of July, with pre-registration opening today.
It takes total investment in the firm, which has £1bn in assets under administration, to more than £50m.
Launched in 2016, the company has experienced rapid growth and now has a community of more than 450,000 customers and a team of 120 people.
At launch, Moneybox offered users the chance to invest the spare change from daily card purchases into a stocks and shares ISA. It now offers a range of saving and investment products including lifetime ISAs and pensions.
Customers can set money aside using round-ups, regular deposits or one-off payments, and together deposit more than £100m on to the platform every month.
“Securing this funding enables us to continue to build the products, tools and technology to help people achieve their goals easily – whether it’s buying a house, saving for retirement or just a rainy day,” said co-founder Ben Stanway.
“We are also very excited to announce our first ever crowdfund, giving our community the chance to be a part of our journey. We want to give everyone the opportunity to share and shape our future success and help us become one of the largest saving and investing platforms in the UK.”
Alokik Advani, Managing Director, Fintech Strategic Investments at Eight Roads said: “Moneybox’s singular focus on improving the savings and investing experience for the UK was clear from the get-go.
“Since our first investment in the Series B, we saw a compelling and impressive long-term company vision.
“We have been extremely pleased by the flawless execution of the Moneybox mission since then, and have re-invested in this round.”