London-based saving and investing app Moneybox banks $37.6 million in Series C funding; reaches £1 billion in assets
Moneybox, the savings and investment app that enables people to round up their digital spare change into stocks and shares, today announces it has secured $37.6 million (£30 million) in Series C funding earlier this year from existing investors including Eight Roads, and new investors Breega and CNP. Moneybox also reveals it now has £1bn in assets under administration, and announces plans to bring customers closer to its growth journey through an upcoming crowdfund.
The funding will enable Moneybox to supercharge its growth and further execute its mission of helping everyone save and invest for their future. The latest funding brings the total amount of funds raised to date to £51.3 million
Founded in 2016 by entrepreneurs Ben Stanway and Charlie Mortimer, the London-based Moneybox is a mobile savings and investment app that enables users to round up the digital spare change from everyday card transactions and invest that change into some simple tracker funds within a Stocks & Shares ISA. Targeted at Millennials, the app enables users to start investing from as little as £1.
Moneybox is on a mission to help everyone save and invest for their future. The startup 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 & Shares ISA; it now offers a range of saving and investment products including Lifetime ISAs and Pensions.
Customers can set money aside in the way that suits them best using round ups, regular deposits or one-off payments, whilst popular tools such as the Time Machine help them keep their savings on track. Each week thousands of people open accounts with Moneybox, and together customers deposit more than £100m onto the platform every month. With customer growth of 121%* year on year, Moneybox is currently growing faster than some of the biggest names in UK wealth management.
The Series C funding round, which completed earlier this year, was led jointly by Eight Roads and new investors CNP. Moneybox also welcomed Breega, investors in Curve, on board alongside existing investors. The £30m raise was completed at double the valuation of the 2018 Series B funding round and takes total funds raised to date to £51.3 million. The funds will help Moneybox build on its product offering, invest in new technology, scale the team, and further execute its mission of helping everyone save and invest for their future.
Working in conjunction with Crowdcube, Moneybox will offer its community the opportunity to share in its exciting growth journey alongside existing professional investors in its first ever crowdfund. Pre-registration for the crowdfund opens today, 17th July, on the Moneybox website, with the private crowdfunding round going live late July.
Ben Stanway, Co-founder of Moneybox said: “We’re really pleased to have continued support from Eight Roads, and to welcome on board new investors CNP and Breega as we work to further execute on our mission of helping everyone save and invest for their future. 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 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.”
Commenting on the funding, Alokik Advani, Managing Director, Fintech Strategic Investments at Eight Roads said: “Eight Roads is delighted to co-lead the Series C funding round of Moneybox. 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.”