UK savings app Moneybox lands £30m, plans crowdfund

Moneybox, a UK-founded savings and investing app, landed $30 million in a Series C funding round.

The London-based firm secured backing from new investors Breega and CNP, as well as existing investor Eight Roads.

Following the fresh capital raise, Moneybox is planning to launch a ‘private’ crowdfund before the end of July. Pre-registration opened on 17 June.

Moves to date

Since its launch in 2016, Moneybox has raised £50 million. It has more than £1 billion in assets under management, and users invest more than £100 million onto the platform every month.

More than 450,000 customers use the service, which allows users to invest spare change from daily card purchases into stocks and shares ISAs.

It also offers a range of saving and investment products including lifetime ISAs and pensions. Users can set money aside using roundups, regular deposits or one-off payments.

The fintech says between May 2019 and 2020, it has enjoyed 121% year-on-year customer growth.

Funding

Moneybox, a team of 120 people, plans to use the fresh capital for further product development.

“Securing this funding enables us to continue to build the products, tools and technology to help people achieve their goals easily,” says co-founder Ben Stanway. “Whether it’s buying a house, saving for retirement or just a rainy day.”

Stanway adds that Moneybox’s imminent crowdfund will allow customers in on its journey to “become one of the largest saving and investing platforms in the UK”.

“We want to give everyone the opportunity to share and shape our future success,” says Stanway.