By Aisling Finn on Tuesday 28 July 2020
The Crowdcube campaign is the first for Moneybox and saw over 35,000 people sign up for early access.
Update 28-07-2020 - This article was updated to include figures from Moneybox's live Crowdcube campaign.
Savings and investment app Moneybox has today kickstarted its first crowdfunding campaign with the hopes of raising £1m, although this target was reached in just 20 minutes.
The fintech, which has a pre-money valuation of £142.7m, went into overfunding on Crowdcube within minutes, with the total amount raised currently sitting at over £3.3m from nearly 7,400 investors.
The campaign for fresh funding comes just shy of two weeks after Moneybox closed a £30m Series C fundraise.
Ben Stanway, co-founder of Moneybox, told AltFi: “It’s not something we’ve done before and we’ve become one of the biggest savings and investment platforms in the UK in a fairly short space of time and a lot of that success has been down to our customers that have been with us along the way.”
“So, we thought it felt right to share any future success that we have with that and enabling them to invest alongside out institutional investors felt right and exciting.”
Stanway also revealed that the fintech was hoping to raise £1m, but “if there’s interest beyond that, we’ll just have to assess as we go.”
Currently, there are more than 35,000 eager Moneybox customers on the waitlist for the campaign which went live at 9am this morning.
The funds, which will be used alongside the recently-raise £30m Series C, will go towards building Moneybox’s platform up further with new technology and products and growing the Moneybox team, which currently sits at around the 130-mark.
As a result of the coronavirus crisis, savings and investment apps, like Moneybox, have been experiencing an uptick in deposits as people try to squirrel away funds for the future.
On the recent jump in activity, Stanway told AltFi: “We’ve seen higher deposits from existing customers across the board.”
“We are comfortably seeing over £100m deposited onto the platform every month, which is up there with some of the biggest platforms in the UK.”