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

Moneybox, the award-winning digital wealth manager, has secured £35m in a Series D funding round, led by Fidelity International Strategic Ventures venture capital experts at Fidelity International as well as existing investors, as well as new investors Polar Capital. The investment brings the total amount of funds raised to date, to £95.1 million.

Moneybox’s mission is to help people build wealth and confidence. They offer a variety of products and services that cover saving, investing and home-buying. All this, along with award-winning technical support and customer service.

These funds will be used to build Moneybox’s brand, increase its customer base, launch financial planning services, and launch an enhanced investment proposition that focuses on long-term wealth creation.

Moneybox’s launch in 2016 has seen incredible growth. The platform currently supports 800k+ customers and has more than £2.9bn[1] in assets under administration, growing by more than >100% YOY. AUA’s Series C fundraise was held in July 2020. AUA has more than tripled (+356%), AUA for each customer has increased by 107%, while revenue has increased by 340%.

The team has grown to around 300 people in this period. A number of prominent appointments were made to strengthen its leadership team, including Karen Kerrigan (formerly COO at Seedr), Cecilia Mourain (MD Moneybox Home-buying), and Laurel Powers–Freeling, formerly COO of Seedr. Caroline Murphree (formerly Europe CEO at Wealthsimple), will join the board next month.

Moneybox’s co-founder, Ben Stanway, stated:: “Our mission is to help people build wealth with confidence so they can enjoy life today and tomorrow. We are able to offer even more services to our customers to help them succeed in their home-buying and retirement, saving, investing, and investment goals. 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: “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.”

Comment by Laurel Powers Freeling, Moneybox Chair: “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 can change the way people think about their finances and how they build wealth for the future. Moneybox’s comprehensive product line is designed to help people achieve long-term success. It provides the information and tools they need to save money and invest in the things that matter to them. With 5* 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.”

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