Millennial savings app Moneybox closes $3m funding round
Funding from Samos Investments will support the start-up's official app launch later this year and enable it to take on more staff
Moneybox, a new savings and investment app targeted at millennials, has received a $3m capital injection from Samos Investments alongside a number of angel investors.
Founded in 2015 by Charlie Mortimer and Ben Stanway, Moneybox helps users achieve their long term saving goals by saving and investing their “spare digital change” from everyday card transactions into a stocks and shares ISA.
Users can also add one-off, or recurring, deposits and can customise their investment portfolio by choosing from a roster of specially curated funds.
Moneybox plans to use the investment to add new hires to its core team and to fuel the development of its official app, which is set to launch later this year.
The start-up has also announced that Daniel Godfrey, former chief executive of The Investment Association, has joined as an advisor and will be providing expertise on regulatory authorisation process and product design.
Moneybox's Stanway commented: “We want to make saving and investing easy and engaging. 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.”
“For too long the investment industry has overlooked the younger generation. Moneybox, with its capacity to round up digital ‘spare change’ into long-term investments through an ISA, can revolutionise the investment landscape and play a real part in helping people build a better, safer future for themselves”.