Moneybox, a British savings and wealth management platform, has announced that it closed a £30 million ($38 million) Series C funding round earlier this year, participated by both its existing and new investors.
The funding round was led by co-led by Eight Roads and new investors CNP, and was also participated by Breega. The startup did not disclose the names of any further investors and now has opened the pre-registration for a crowdfunding campaign on Crowdcube.
“We’re really pleased to have continued support from Eight Roads, and to welcome onboard new investors CNP and Breega as we work to further execute on our mission of helping everyone save and invest for their future,” Ben Stanway, Co-founder of Moneybox, said.
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“Securing this funding enables us to continue to build the products, tools, and technology to help people achieve their goals easily – whether it’s buying a house, saving for retirement, or just a rainy day.”
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Launched in 2016, Moneybox allows its customers to invest the spare changes left in the card purchases on equities, offering a range of saving and investment products including Lifetime ISAs and Pensions. The platform also revealed that it has currently £1 billion in assets under management (AUM).
Apart from the recent round, the startup already raised over $23 million – $14 million alone in a Series B round closed in July 2018. Its valuation with the Series C funding had doubled since the last round.
“Moneybox’s singular focus on improving the savings and investing experience for the UK was clear from the get go. Since our first investment in the Series B, we saw a compelling and impressive long term company vision. We have been extremely pleased by the flawless execution of the Moneybox mission since then, and have re-invested in this round,” Alokik Advani, managing director of fintech strategic investments at Eight Roads, said.