Savings and investment app, Moneybox, today announced that it has secured a further $1.75m of investment, taking total pre-launch funding to $4.75m.
The round was led by Oxford Capital Partners who join existing investors Samos Investments and some high-profile individuals from the technology and finance industries.
In addition, Moneybox has appointed Daniel Godfrey, who has been advising the company over the past six months, to be a Board Director. Daniel is former Director General of the Association of Investment Companies and former Chief Executive of the Investment Association.
The Moneybox app enables users to round up the digital spare change from everyday card transactions and invest that change into three tracker funds within a Stocks & Shares ISA.
Moneybox was authorised by the FCA in May, having been part of the Innovation Hub.
A private beta version of the app will be released in the next few weeks to the thousands of users who have already signed up for the service. The full public launch is expected in August.
Ben Stanway, co-founder of Moneybox commented, “We’re delighted to be working with Oxford Capital, who have such a great track record and understanding of our business. The funding will allow us to accelerate our product development and scale up the customer base.
The team has worked incredibly hard over the last year to create an app that helps you to set up an ISA from your phone in a couple of minutes, and invest your spare change with a single swipe into thousands of leading companies around the world.
By enabling people to start with as little as £1, we are opening up the market to a new generation of investors and giving them the tools they need to achieve their future financial goals.”
Tom Bradley, Partner at Oxford Capital added “Moneybox has created something disruptive in what is a large and conservative industry that has previously overlooked younger people. We look forward to working with Ben, Charlie and the team to help build a company that can revolutionise how people save and invest for their future.”