Digital savings startup Moneybox raises $3 million
13 January 2016 | 6053 views | 0
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.