Digital wealth manager Moneybox has secured £35 million in a Series D funding round.
Ahead of a second crowdfunding campaign, the London firm’s assets under administration are nearing £3 billion having more than doubled in the last 12 months.
The funding round was led by Fidelity International Strategic Ventures, a dedicated venture capital team at Fidelity International, alongside existing investors as well as new investor Polar Capital.
The investment brings the total amount of funds raised to date to £95.1m.
Moneybox’s mission is to help people build wealth with products across saving, investing, home-buying and retirement – all accessed via its app.
Since its launch in 2016, Moneybox has seen exponential growth. The platform currently supports more than 800,000 customers and has more than £2.9bn in assets under administration.
Since its Series C fundraise in July 2020, AUA has more than tripled (+356%), AUA per customer has increased by 107% and revenue has grown by 340%.
In this time, the team has also doubled to around 300 people. A number of notable appointments have been made to bolster its leadership team including Laurel Powers-Freeling as chair of the board, Karen Kerrigan, formerly COO at Seedrs, Cecilia Mourain, MD Moneybox home-buying, and Caroline Murphree, formerly Europe CEO at Wealthsimple, who will join next month.
Laurel Powers-Freeling (pictured), Moneybox chair, said: “Without doubt, it’s a very different market right now than even one or two years ago and it has perhaps never been more important that consumers are supported to make positive financial decisions that can help them build wealth over their lifetime.
“Moneybox has the potential to lead a revolution in how everyone engages with their financial lives and their opportunity to build wealth for their future. The comprehensive product range is designed to help people succeed over the long term, offering the tools and information they need to confidently save and invest toward what matters to them in life.”
Following the success of the first crowdfunding campaign in 2020 – which welcomed 16,500 customer shareholders in less than 48 hours – in early May 2022 Moneybox will once again offer its community the opportunity to share in its exciting growth journey alongside existing professional investors.
Pre-registration for the crowdfund will be announced in the coming weeks on the Moneybox website, social media channels, and the Crowdcube website.
Alokik Advani, managing partner at Fidelity International Strategic Ventures, added: “We were proud to lead the Series D funding round and this new investment is testament to the confidence of those closest to the Moneybox business.
“Since our first investment in the Series B funding round, we have been extremely pleased with the company’s execution, clear revenue model, product innovation, and diversification.
“Moneybox is at a significant inflection point in its journey and this next chapter of growth will see them introduce new unique investment solutions helping to support millions as they save for the future.”