back Back

Moneybox secures £35m in Series D funding as AUA nears £3bn

By Joy Dumasia

April 05, 2022

  • AUA
  • Digital Wealth Management
  • Europe
Share

Moneybox, the digital wealth manager, has secured £35 million in a Series D funding round, led by Fidelity International Strategic Ventures, a dedicated venture capital team at Fidelity International, alongside existing investors and new investor Polar Capital. The investment brings the total funds raised to date to £95.1 million. 

Moneybox is on a mission to help people build wealth with confidence and provides a range of products and services across saving, investing, home-buying, and retirement, all within one easy-to-use app, supported by award-winning technology and customer support. The funds will help build the Moneybox brand, grow its customer base, introduce financial planning services and launch an enhanced investing proposition focused on long-term wealth generation. 

Since its launch in 2016, Moneybox has seen exponential growth. The platform currently supports 800k+ customers and has more than £2.9 billion in assets under administration, growing by more than >100% YOY. Since its Series C fundraise in July 2020, Assets under Administration has more than tripled (+356%), AUA per customer has increased by 107%, and revenue has grown by 340%. 

In this time, the team has also doubled to c.300 people. A number of notable appointments have been made to bolster its leadership team, including Laurel Powers-Freeling as Chair of the Board, Karen Kerrigan, formerly COO at Seedr, Cecilia Mourain, MD Moneybox Home-buying and Caroline Murphree, formerly Europe CEO at 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 investment enables us to create even better services to help our customers succeed across their home-buying, retirement, savings and investing missions. By continuing to focus on the large and under-served mass market, we believe we are on a path to create the UK’s category-defining wealth platform. We celebrate this moment with deep gratitude for our amazing team, our loyal customers, and our supportive investors.” 

Alokik Advani, Managing Partner, Fidelity International Strategic Ventures, said: “We were proud to lead the Series D funding round, and this new investment is testament 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 revenue model, product innovation, and diversification. Moneybox is at a significant inflection point in its journey, and this next chapter of growth will see them introduce new unique investment solutions helping to support millions as they save for the future.” 

Laurel Powers-Freeling, Moneybox Chair, commented: “Without doubt, it’s a very different market right now than even 1 or 2 years ago, and it has perhaps never been more important that consumers are supported to make positive financial decisions that can help them build wealth over their lifetime. Moneybox has the potential to lead a revolution in how everyone engages with their financial lives and their opportunity to build wealth for their future. The comprehensive product range is designed to help people succeed over the long term, offering the tools and information they need to confidently save and invest toward what matters to them in life. With 5 star rated services, one of the highest NPSs in the industry, and a 95% customer retention rate, Moneybox is primed to reach exciting new heights in the years to come. Through their increased support, our investors have shown their deep commitment and belief in what Moneybox can achieve as we move to our next phase of growth.”

Previous Article

April 05, 2022

NatWest Group partners with Bottomline to reduce payment fraud

Read More
Next Article

April 05, 2022

5 companies disrupting the InsurTech landscape in the Americas

Read More






IBSi Daily News Analysis

Data privacy

July 16, 2024

AUA

Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Invest Blue taps GBST for its WealthConnect practice management solution

Read More

July 16, 2024

Wealth managers grapple with long client onboarding times, study shows

Read More

July 15, 2024

Thought Machine and Quantifeed partner to modernize banking

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024