The round-up and investment app has raised £21.3m to date.
Fintech round-up app Moneybox has raised £14m in a series B investment round led by Eight Roads, the investment arm of global asset management giant Fidelity International Limited.
Joining Eight Roads in the fundraise were Oxford Capital Partners and Samos Investments.
With a grand total of £21.3m in funding pocketed to date, Moneybox will now look to build out its team and refine its customer experience, with a focus on new products and content.
“The traditional wealth management industry is geared to those who already have wealth – a concept that is alien to many young people. It creates huge barriers – including impenetrable jargon – for those who want to start saving and investing. We are determined to break that mould and make investing clear, simple and easy to achieve. We are delighted that this new funding round will help us to further develop our service and empower many more customers to achieve their financial goals,” said Ben Stanway (pictured left), co-founder of Moneybox, in a statement.
The app is best-known for allowing users to round-up their purchases to the nearest pound, automatically saving the difference. That savings pot may then be invested in tracker funds managed by Vanguard, Henderson and BlackRock, with ‘cautious, balanced and adventurous’ options to choose from.
The average Moneybox customers invests £20 a week through a combination of round-ups, weekly deposits, payday boosts and one-off top-ups.
You can learn more about Moneybox by tuning into our Millennial Money Matters podcast below.