Following the launch of their iOS app at the end of August, London fintech startup Moneybox today launches its Android app to the Play Store.
Moneybox is trying to make it easier than ever for people to save money and start investing. The app enables users to round up their everyday card purchases to the nearest pound and invest the change into thousands of companies via tracker funds. The app offers three simple starting options and the chance to invest with as little as £1.
The app has gained significant traction since launch, with users investing the change from over 350,000 transactions in November alone.
According to recent figures from Moneybox, users tend to start saving with round ups and quickly supplement this with one-off and weekly deposits, which together account for 75% of total contributions.
The new year will bring some significant new product launches from the Moneybox team. They are in the final stages of building a complementary app that will allow parents to invest their spare change towards their children’s future. This “Junior ISA” app, the first of its kind, is due to launch early in the new year.
The team is also consulting closely with HM Treasury to offer a Lifetime ISA, ready for its launch in April 2017. The Lifetime ISA is a government initiative designed to help 18-40 year olds save towards buying their first house and/or for retirement. The government will award a 25% annual bonus on all savings up to £4,000 per year. Moneybox will be one of the first companies to offer people the chance to open a Lifetime ISA.
Ben Stanway, co-founder of Moneybox said “We’re very excited to launch our Android app and offer a new audience the chance to start investing with Moneybox. We hope that over the coming months we will continue to demystify investing for tens of thousands of people.”