Ben Stanway (left)/Moneybox
Moneybox bags £30m Series C as it reaches £1bn in assets
Customer growth has also skyrocketed for the fintech, with customer numbers up 121 per cent on June last year.
Moneybox has today revealed that it has closed a £30m Series C fundraise and, for the first time, has disclosed how much cash it currently holds.
During the coronavirus pandemic, as more and more of us began to prioritise not just our physical health, but our financial wellbeing too, saving and investment apps experienced a surge in both customers and deposits during the coronavirus pandemic.
Moneybox now holds £1bn in assets under administration from more than 450,000 customers, with customer growth up 121 per cent on June 2019 and an average of £100m being deposited every month.
To date, the London-based fintech has raised over £51m, with this latest round coming from both new and existing investors and being led by Eight Roads and CNP.
New investor, VC firm Breega, which has invested in fellow London-based fintech Curve, will also sit on the fintech’s board as a shareholder.
Ben Stanway, co-founder of Moneybox said: “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.”
As if a £30m Series C wasn’t enough for the rapidly expanding fintech, Moneybox is also launching a crowdfunding campaign.
On the crowdfunding effort, Stanway said: “We are also very excited to announce our first ever crowdfund, giving our community the chance to be a part of our journey.”
“We want to give everyone the opportunity to share and shape our future success and help us become one of the largest saving and investing platforms in the UK.”
Pre-registration for the campaign opens today with plans to launch the crowdfunding effort at some point in late July.
Luke Lang, Co-founder of Crowdcube commented: "Fintech is Crowdcube's most popular sector with almost 100,000 people investing more than £140m into digital wealth managers, neobanks and alternative finance providers.”
“With a community of over 450,000 people, Moneybox's mission has inspired a new generation of people wanting to save and invest for their future, which bodes well for their forthcoming funding campaign with Crowdcube."