Savings and investment app Moneybox has just announced that it has secured a further € 1.58 million of investment taking its total pre-launch funding to € 4.29 million. The London-based startup was founded in 2015 and plans to launch an app to the UK App Store in August. A private beta version of the app will be released in the next few weeks to the thousands of users who have already signed up for the service.
The Moneybox enables users to round up the digital spare change from everyday card transactions and invest that change into three tracker funds within a Stocks & Shares ISA. Users can add one-off or recurring deposits and can customise their portfolio by choosing from a small number of expertly-selected funds. Moneybox was authorised by the Financial Conduct Authority (FCA) in May having been part of the Innovation Hub.
Current investment round was led by Oxford Capital Partners who join existing investors Samos Investments and some high-profile individuals from the technology and finance industries. In addition, Moneybox has appointed Daniel Godfrey, who has been advising the company over the past six months, to be a Board Director. Daniel is former Director General of the Association of Investment Companies and former Chief Executive of the Investment Association.
Ben Stanway, co-founder of Moneybox: “We’re delighted to be working with Oxford Capital, who have such a great track record and understanding of our business. The funding will allow us to accelerate our product development and scale up the customer base. The team has worked incredibly hard over the last year to create an app that helps you to set up an ISA from your phone in a couple of minutes, and invest your spare change with a single swipe into thousands of leading companies around the world. By enabling people to start with as little as € 1.17, we are opening up the market to a new generation of investors and giving them the tools they need to achieve their future financial goals.”
Tom Bradley, Partner at Oxford Capital: “Moneybox has created something disruptive in what is a large and conservative industry that has previously overlooked younger people. We look forward to working with Ben, Charlie and the team to help build a company that can revolutionise how people save and invest for their future.”