MoneyBox Raises £35m with Plans to Launch ‘Crypto-Investing’
Nicholas Otieno Apr 06, 2022 05:10
MoneyBox is getting ready to launch its crypto trading service later this year. The firm has announced a $35 million seed funding round to help it accelerate the plan.
MoneyBox, a UK-based, rapidly emerging mobile savings and investment app, announced Monday that it had raised £35 million in a Series D funding round led by Fidelity International Strategic Ventures.
Existing investors and new investors like Polar Capital also participated in the funding round. MoneyBox disclosed that it would use the fresh funding to establish financial planning services and an investment product that focuses on “long-term wealth generation”.
Ben Stanway, the co-founder and co-CEO at MoneyBox, said that the firm would also develop “crypto-investing” options, like adding a small amount of Bitcoin to a larger portfolio.
Stanway mentioned that the company would expand into crypto trading services “through the lens of diversification, not through the lens of speculation”.
“This new round of investment enables us to create even better services to help our customers succeed across their home-buying, retirement, savings and investing missions. By focusing on the large and under-served mass market, we believe we are on a path to create the UK’s category-defining wealth platform,” Stanway elaborated.
Helping Everyone Save and Invest for Their Future
In March last year, MoneyBox launched an in-app mortgage advice service to help customers purchase a home or remortgage and help them find the mortgage that is best suited to their individual needs. The mortgage service brought Moneybox closer to offering an end-to-end home-buyingg solution, enhancing its value addition among customers.
Launched in 2016 and headquartered in London, Moneybox has acquired more than 500,000 savers and has more than £1 billion in assets under management. The mobile savings and investment app provides a wide range of saving and investment products, including Lifetime ISAs and Pensions.
Since it raised its £30 million in Series C funding in July 2020, MoneyBox’s revenue has risen by 340%. The company currently employs about 300 people and recently expanded its leadership team with a series of new hires.
Image source: Shutterstock
