Savings app Moneybox secures £4m in record-breaking crowdfund
Posted on July 28, 2020 by Alistair Hardaker
Saving and investing app Moneybox has raised £4m in just four hours on crowdfunding platform Crowdcube, a feat it says takes the 2020 record for largest number of investors in a single campaign.
Over 10,000 investors have taken part in the fundraise so far, which saw Moneybox reach its original target of £1,000,000 in just 20 minutes.
Launched in 2016, the company has now created a community of more than 450,000 customers and a team of 120 people.
The firm’s app, which offers saving and investment products, includes tools such as round ups and its ‘Time Machine’ savings projector to keep savings on track.
Having recently reached the milestone of over £1bn in assets, Moneybox is growing at an average of £100m per month.
The crowdfund follows a recent Series C funding round announced earlier this month, where Moneybox raised £30 million from investors. In 2018, Moneybox raised £14 million in a Series B.
Ben Stanway, Co-founder of Moneybox said: “We’re thrilled to have kicked off our first ever crowd raise, giving our amazing community the chance to be a part of our journey and help us become one of the largest saving and investing platforms in the UK. 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.
“We’re blown away by the positive response to the campaign, and are very excited to have our new shareholders on board as we continue to execute our mission of helping everyone save and invest for the future. Giving our community the chance to own part of the company has always been in our plan, so we are excited the day has finally arrived.”
Luke Lang, co-founder of Crowdcube added: With over 10,000 investors, Moneybox is one of the most popular campaigns in Crowdcube’s history. Moneybox now has an extremely powerful core community of brand advocates who are passionate about their vision and I suspect these new shareholders will be hell-bent on spreading the word to help Moneybox grow even faster.”