Moneybox, a savings and investment app for millennials, has raised $3 million from Betfair and Ocado investor Samos Investments and a group of unnamed angel investors. The funding will be used to expand the core team to about 20 people and for the development of the Moneybox app ahead of its launch in early 2016.
In addition, the London-based fintech startup is announcing that Daniel Godfrey, former Chief Executive of The Investment Association (IA), has joined as an advisor. The IA is the representative body for the UK’s £5.5 trillion investment management sector.
The Moneybox app, which was founded in 2015, will enable users to round-up their digital ‘spare change’ from everyday card transactions into a stocks and shares ISA, which can be set up in minutes on their mobile phones. Users can add one-off or recurring deposits and can customise their portfolio by choosing from a small number of expertly-selected funds.
Ben Stanway, co-founder of Moneybox, commented: “The funding will allow us to expand our core team to around 20 people, and refine the app as we head towards our UK launch. We want to make saving and investing easy and engaging. By enabling users to get started investing with just £1 and making the investment options clear and simple we hope that Moneybox can help more and more people achieve their long-term financial goals.”
Daniel Godfrey added: “For too long the investment industry has overlooked the younger generation. Moneybox, with its capacity to round up digital ‘spare change’ into long-term investments through an ISA, can revolutionise the investment landscape and play a real part in helping people build a better, safer future for themselves”.