Moneybox closes crowdfunding campaign 27 days early after reaching £7m

By Aisling Finn on Thursday 30 July 2020

Savings and Investment

The largest investment in the campaign was £99,748.

Moneybox closes crowdfunding campaign 27 days early after reaching £7m
Image source: Ben Stanway (left)/Moneybox

Moneybox’s Crowdcube campaign went live at 9am on Tuesday with the plan to add £1m to an already successful Series C fundraise, only for the fintech to smash its initial target after just 20 minutes. 

And, if that’s not impressive enough, Moneybox went onto raise £4m in just 4 hours, all largely from investors who had signed up to the waitlist—the campaign was open to other investors at midday on Tuesday. 

The savings and investment app had to close the campaign after it reached its upper limit of £7m in just over two days. 

Ben Stanway, co-founder of Moneybox, said: "I want to take the opportunity to thank everyone who participated - we’re really excited to have every single one of our new shareholders on board as we continue to execute our mission of helping everyone save and invest for the future."

"Giving our community the chance to own part of the company has always been in our plan, so we are excited the day is finally here!"

The campaign had the most investors participate in a crowdfunding campaign so far this year, 16,738 to be exact. 

Moneybox also claimed the title of second highest number of investors ever, trailing only to Monzo’s infamous crowdfunding campaign back in 2018 that attracted over 36,000 investors, and, granted, had a much higher target of £20m. 

Before it went live, we caught up with Stanway to ask about the upcoming crowdfunding campaign, he 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 added: “if there’s interest beyond [£1m], we’ll just have to assess as we go,” let's hope the Moneybox team are quick thinkers. 

Moneybox’s crowdfunding efforts now take its total raised in its Series C fundraise to £37m. 

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