February 24, 2024

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

Moneybox, the award-winning digital wealth supervisor, has secured £35m in a Sequence D funding spherical, led by Constancy Worldwide Strategic Ventures, a devoted enterprise capital staff at Constancy Worldwide, alongside present traders in addition to new investor Polar Capital. The funding brings the full quantity of funds raised so far, to £95.1 million.

Moneybox is on a mission to assist individuals construct wealth with confidence and supplies a spread of services and products throughout saving, investing, home-buying, and retirement, all inside one easy-to-use app, supported by award-winning expertise and buyer assist.

The funds will assist construct the Moneybox model, develop its buyer base, introduce monetary planning companies and launch an enhanced investing proposition targeted on long-term wealth era.

Since its launch in 2016, Moneybox has seen exponential progress. The platform at present helps 800k+ clients and has greater than £2.9bn[1] in belongings underneath administration, rising by greater than >100% YOY. Since its Sequence C fundraise in July 2020, AUA has greater than tripled (+356%), AUA per buyer has elevated by 107%, and income has grown by 340%.

On this time, the staff has additionally doubled to c.300 individuals. Quite a lot of notable appointments have been made to bolster its management staff together with Laurel Powers-Freeling as Chair of the Board, Karen Kerrigan, previously COO at Seedr, Cecilia Mourain, MD Moneybox House-buying and Caroline Murphree, previously Europe CEO at Wealthsimple, who will be a part of subsequent month.

Ben Stanway, co-founder of Moneybox, stated: “Our mission is to assist individuals construct wealth with confidence to allow them to get pleasure from life right now and tomorrow. This new spherical of funding allows us to create even higher companies to assist our clients succeed throughout their home-buying, retirement, financial savings and investing missions. By persevering with to concentrate on the massive and under-served mass market we consider we’re on a path to create the UK’s category-defining wealth platform. We have fun this second with deep gratitude for our wonderful staff, our loyal clients, and our supportive traders.”

See also  Indoor Robotics raises $15m in collection A to revolutionize constructing monitoring and safety practices

Alokik Advani, Managing Companion, Constancy Worldwide Strategic Ventures: “We had been proud to guide the Sequence D funding spherical and this new funding is testomony to the boldness of these closest to the Moneybox enterprise. Since our first funding within the Sequence B funding spherical, we’ve been extraordinarily happy with the corporate’s execution, clear income mannequin, product innovation, and diversification. Moneybox is at a big inflection level in its journey and this subsequent chapter of progress will see them introduce new distinctive funding options serving to to assist thousands and thousands as they save for the long run.”

Laurel Powers-Freeling, Moneybox Chair, commented: “No doubt, it’s a really completely different market proper now than even 1 or 2 years in the past and it has maybe by no means been extra essential that customers are supported to make constructive monetary selections that may assist them construct wealth over their lifetime.

“Moneybox has the potential to guide a revolution in how everybody engages with their monetary lives and their alternative to construct wealth for his or her future. The excellent product vary is designed to assist individuals succeed over the long run, providing the instruments and knowledge they should confidently save and make investments towards what issues to them in life. With 5* rated companies, one of many highest NPSs within the business, and a 95% buyer retention charge, Moneybox is primed to succeed in thrilling new heights within the years to come back. Via their elevated assist, our traders have proven their deep dedication and perception in what Moneybox can obtain as we transfer to our subsequent part of progress.”

See also  Greater than 1m apps have been faraway from Google Play Retailer within the first half of 2022