- The funding round was led by Fidelity International Strategic Ventures, existing investors Oxford Capital, CNP and Breega, as well as new investor Polar Capital, and brings total funds raised by the digital asset manager to £ 95 million.
- Founded in 2016, Moneybox supports a community of over 800,000 customers as AUA grows> 100% YOY
- Moneybox also announces a second crowdfunding campaign, to allow customers to share and shape its future success
April 4, 2022: Piggy bank, the award-winning digital asset manager, secured £ 35 million in a Series D funding round, led by Fidelity International Strategic Ventures, a dedicated venture capital team at Fidelity International, along with existing investors Oxford Capital, CNP and Breega, as well as new Polar Capital investor. The investment brings the total amount of funds raised to date to £ 95.1 million.
Moneybox has a mission to help people build wealth with confidence and provide a range of products and services through saving, investing, buying home and retirement, all in an easy-to-use app powered by award-winning technology and customer support.
The funds will help build the Moneybox brand, grow its client base, introduce financial planning services, and launch an enhanced investment proposition focused on long-term wealth generation.
Since its launch in 2016, Moneybox has seen exponential growth. The platform currently supports over 800,000 clients and has over £ 2.9 billion of assets under administration, with growth of over> 100% YOY. Since the Series C fundraiser in July 2020, the AUA has more than tripled (+ 356%), the AUA per client has increased by 107%, and revenue has increased by 340%.
In this time, the team has also doubled to around 300 people. Numerous major appointments have been made to strengthen its leadership team, including Laurel Powers-Freeling as chairman of the board, Karen Kerrigan, former COO of Seedr, Cecilia Mourain, MD Moneybox Home-buying and Caroline Murphree, former CEO for Europe by Wealthsimple, who will join next month.
Ben Stanway, co-founder of Moneybox, said: “Our mission is to help people build wealth with confidence so they can enjoy life today and tomorrow. This new round of investments allows us to create even better services to help our clients succeed in their home purchase, retirement, savings and investment missions. By continuing to focus on the large and under-served mass market, we believe we are well on our way to creating the class-defining capital platform of the UK. We celebrate this moment with deep gratitude to our fantastic team, our loyal customers and our supportive investors. “
Alokik Advani, Managing Partner, Fidelity International Strategic Ventures: “We were proud to lead the Series D funding round and this new investment testifies to the confidence of those closest to the Moneybox business. Since our first investment in the Series B funding round, we have been extremely pleased with the company’s execution, clear income model, product innovation and diversification. Moneybox is at a significant turning point in its journey and this next chapter of growth will see them introduce unique new investment solutions that help support millions of people while saving for the future. “
Laurel Powers-Freeling, Moneybox president, commented: “Without a doubt, it is a very different market right now than it was 1 or 2 years ago and perhaps it has never been more important for consumers to be supported in making positive financial decisions that can help them build wealth throughout their lifetime. Moneybox has the potential to lead a revolution in how everyone interacts with their financial lives and their opportunity to create wealth for their future. The full range of products is designed to help people succeed over the long term by offering the tools and information they need to save money and confidently invest in what matters to them in life. With 5 * rated services, one of the highest NPS in the industry, and a 95% customer retention rate, Moneybox is ready to reach exciting new heights in the years to come. Through their increased support, our investors have demonstrated their deep commitment and confidence in what Moneybox can achieve as we move into our next phase of growth. “
Following the success of its first crowdfunding campaign in 2020, which welcomed 16,500 customer shareholders in less than 48 hours, in early May 2022 Moneybox will once again offer its community the opportunity to share its exciting journey of growth with existing professional investors.
Pre-registration for crowdfunding will be announced in the coming weeks on the Moneybox website, social media channels and Crowdcube website.
Notes to the editor:
Ben Stanway and Laurel Powers-Freeling available for an interview upon request
About Piggy Bank:
Moneybox is the award-winning app with a mission to help people build wealth with confidence so they can enjoy life, today and tomorrow. Launched in 2016 by co-founders Ben Stanway and Charlie Mortimer, the company has experienced rapid growth and today has over £ 2.9 billion in assets and a community of 800,000 customers. Moneybox offers a range of great value products and services, including savings, investing, home buying and retirement, as well as useful tools and educational content, to help people manage and achieve their short, medium and long term financial goals. . Moneybox allows customers to set aside money however they like using rounding, regular deposits or instant payments. In 2020 Moneybox raised £ 38.8 million in a Series C funding round led jointly by Eight Roads and new CNP Open Investors. The round included raising £ 7 million from over 16,500 shareholders in one of Crowdcube’s most popular crowdfunding campaigns of all time.
Fidelity International Strategic Ventures (FISV) is a dedicated venture capital team within Fidelity International, a global asset manager set up to invest in fintech businesses and technologies. The team invests significant minority stakes in early-stage fintech businesses, supporting bold and disruptive entrepreneurs who are looking to change the face of finance.
Joanne Leahy, PR and Communications Manager, piggy bank
MoneyBox Secures £ 35m Investment in Series D Led by Fidelity International Strategic Ventures – UK Technology Investment News
Source link MoneyBox Secures £ 35m Investment in Series D Led by Fidelity International Strategic Ventures – UK Technology Investment News