Top new businesses of 2016: Moneybox
The app which lets millennials get a footing on the investment ladder
Founders: Charlie Mortimer and Ben Stanway
Launched: August 2016
Entrepreneurs Charlie Mortimer and Ben Stanway wanted to make saving and investing easy and engaging for younger people, and so the duo set about developing an app which would serve just this purpose.
Their app, Moneybox, allows users to save by rounding up every day card purchases to the nearest pound and then investing this “digital spare change” into a general investment account or a Stocks and Shares ISA.
This means that, at the swipe of a button, users can invest in thousands of companies worldwide such as Facebook, Netflix and Disney.
Founded in 2015 and launched in August of this year, Moneybox’s central aim is to help millennials – those aged 18-34 – “achieve their long-term financial goals” as this is a generation which the start-up believes “the investment has industry has typically overlooked”.
While users can start off by investing as little as £1, they can also add one-off, or recurring deposits, and can customise their investment portfolio by choosing from three specially curated funds: cautious, balanced and adventurous.
Having closed a funding round earlier in the year which took total investment to £3.4m and with coverage in all the major press publications, the FCA-regulated start-up fully expects to “breathe new life into the savings and investments industry”.
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The fact that the 16-strong business also has Daniel Godfrey – former chief executive of the UK Investment Association – on its board of directors will certainly be a boost over the coming months. Make sure you keep Moneybox on your radar…