After raising £3.4 million of pre-launch funding earlier this year, the London-based startup Moneybox today launches its “digital piggybank” app in the App Store. Moneybox enables its UK-based users to round up their everyday card purchases to the nearest pound and invest the spare change.
For example, when you buy a tea for £1.80, the purchase will appear in the app and you can choose to ‘round up’ to the nearest pound. The additional 20 pence is set aside to invest across thousands of companies worldwide including Apple, Facebook, Netflix and Disney, via three tracker funds. In addition to round ups, the app also allows users to set up weekly deposits and make one-off payments into their Moneybox account.
To help users decide how they would like their money to be invested, Moneybox offers three ‘starting options’ – cautious, balanced and adventurous. Users can customise their investment choices using a simple slider interface.
Targeted at Millennials, the app aims to make it easier than ever for people to start saving and investing. By enabling users to sign up in minutes from their mobile phone and start investing with as little as £1, Moneybox hopes to open up investing to a new generation.
Moneybox was recently authorised by the Financial Conduct Authority (FCA) as part of its flagship Innovation Hub programme.
Ben Stanway, Co-founder of Moneybox commented: “The team has worked incredibly hard over the last year to create a way for people to invest, via three tracker funds, into thousands of leading companies around the world with a single swipe. We’re very proud to have made it possible to open an ISA in a couple of minutes from your mobile phone and get started with just £1. Our beta testing has shown that users are making about 30 purchases a week with an average round up amount of 28p – that’s £8.40 per week, or around £440 per year, just from saving your spare change! We’ve also seen that 75% of users are making one-off or weekly deposits in addition to round ups.”
The sign up process can be completed within a few simple steps. Just follow the instructions of the lovely lady below: