Saving and investing app Moneybox has announced on Friday it has secured £30 million in Series C funding to grow their saving and investing app.
The London-based startup has also launched a crowdfunding campaign to bring its customers on board during its growth journey.
Moneybox was founded in 2015 by Ben Stanway and Charlie Mortimer, and their app launched in 2016, with the mission to help everyone save for and invest in their future. The app enables users to round up their digital spare change from everyday card transactions, like a morning coffee, a ride or a lunch box, and invest it into tracker funds within a Stocks & Shares ISA.
This latest funding round was supported by existing investors like Eight Roads, as well as new ones like Breega and CNP.
“We’re really pleased to have continued support from Eight Roads, and to welcome onboard new investors CNP and Breega,” said Moneybox co-founder Ben Stanway.
“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.”
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Though achieving their target investment from existing and new institutional investors, the startup aims to bring its customers and community closer through their new crowdfunding campaign. They believe that crowdfunding is a way of enabling everyday investors to support the companies in which they believe and to benefit from their potential growth by buying shares. That is why they’re now letting their community invest in the app alongside VC firms.
The startup is, however, also warning users of the risks investing in a startup might carry, being these risks significantly different and higher than the funding opportunities normally offered through the Moneybox app. With Millenials and the younger generations in mind, the startup wants to help people invest their spare change, from as little as £1, in a quick and easy way.
Accounts can be opened through the app in a matter of minutes, and Moneybox lets users choose the way they want to start investing: from “cautious” (entry-level) or “balanced” options, all the way to the “adventurous” plan, where users accept a higher level of risk in their investments.
The award-winning company has experienced fast growth during the past year, with a 121% year on year customer growth. Moneybox currently has a team of around 120 people and more than 450,000 customers. Through crowdfunding, Moneybox now hopes to further build on their product offering, invest in new technology, grow their team and keep working towards their goal, which is to support everyone in investing and saving for their future.