Moneybox secures £30 million in Series C funding and reveals milestone of £1bn in assets
Moneybox, the award-winning saving and investing app, today announces it has secured £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.
Moneybox is on a mission to help everyone save and invest for their future. 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 & 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.”
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.”
Ben Marrel, Founder & Managing Partner of Breega said: “Moneybox, with their best in class savings service, are remodeling and democratising the wealth management market by helping people save easily, invest painlessly and fund future projects. We are very excited to join in their journey and we’re really looking forward to working with what we consider to be one of the best teams in the Fintech space and helping them become the number one mobile savings and investment platform!”
Luke Lang, Co-founder of Crowdcube commented: “Fintech is Crowdcube’s most popular sector with almost 100,000 people investing more than £140m into digital wealth managers, neobanks and alternative finance providers. With a community of over 450,000 people, Moneybox’s mission has inspired a new generation of people wanting to save and invest for their future, which bodes well for their forthcoming funding campaign with Crowdcube.”