24 October 2016
Visit dh.com

Digital savings startup Moneybox raises $3 million

13 January 2016  |  5760 views  |  0 Plan

Moneybox, a digital savings and investment app that rounds up spare change from card transactions into a stocks and shares ISA, has raised $3 million from Betfair and Ocado investor Samos Investments and a group of angel investors.

The UK-based company, set up last year by entrepreneurs Charlie Mortimer and Ben Stanway, says the funding will be used to expand the core team and for the development of the Moneybox app ahead of its launch in early 2016.

In addition, the company announced that Daniel Godfrey, former chief executive of The Investment Association (IA), the representative body for the UK’s £5.5 trillion investment management sector, has joined as an advisor. Godfrey is advising the company on its regulatory authorisation process and product design.

The Moneybox app will enable users to round-up their digital ‘spare change’ from everyday card transactions into a stocks and shares ISA, which can be set up "in minutes" on their mobile phones. Users can add one-off or recurring deposits and can customise their portfolio by choosing from a small number of expertly-selected funds.

Ben Stanway, co-founder of Moneybox and a former partner at equity hedge fund Habrok Capital, comments: “The funding will allow us to expand our core team to around 20 people, and refine the app as we head towards our UK launch. By enabling users to get started investing with just £1 and making the investment options clear and simple we hope that Moneybox can help more and more people achieve their long-term financial goals.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ASB gives piggy bank a digital makeover

ASB gives piggy bank a digital makeover

14 September 2015  |  7935 views  |  0 comments | 16 tweets | 17 linkedin

Related blogs

Create a blog about this story (membership required)
Visit www.dh.comVisit dh.com

Top topics

Most viewed Most shared
The bank of the future will be invisible - KPMGThe bank of the future will be invisible -...
37467 views comments | 129 tweets | 239 linkedin
Barclays and Citi test blockchain tech for equity swaps processingBarclays and Citi test blockchain tech for...
8623 views comments | 26 tweets | 19 linkedin
ING takes fintech startup route to UK relaunchING takes fintech startup route to UK rela...
7204 views comments | 29 tweets | 22 linkedin
Indian banks hit by massive ATM breachIndian banks hit by massive ATM breach
6920 views comments | 16 tweets | 25 linkedin
hands typing furiouslyGoodbye, Santander! The end of a banking l...
6914 views 11 | 5 tweets | 1 linkedin

Featured job

Senior Level Salary plus Car Allowance + Benefits...

Find your next job