Moneybox secures £35m in Series D funding as AUA nears £3bn

Moneybox, the award-winning digital wealth manager, has secured £35m in a Series D funding round, led by Fidelity International Strategic Ventures, a dedicated venture capital team at Fidelity International, alongside existing investors as well as new investor Polar Capital. The investment brings the total amount of funds raised to date, to £95.1 million.

Moneybox is on a mission to help people build wealth with confidence and provides a range of products and services across saving, investing, home-buying, and retirement, all within one easy-to-use app, supported by award-winning technology and customer support. 

The funds will help build the Moneybox brand, grow its customer base, introduce financial planning services and launch an enhanced investing proposition focused on long-term wealth generation. 

Since its launch in 2016, Moneybox has seen exponential growth. The platform currently supports 800k+ customers and has more than £2.9bn in assets under administration, growing by more than >100% YOY.  Since its Series C fundraise in July 2020, AUA has more than tripled (+356%),  AUA per customer has increased by 107%, and revenue has grown by 340%.

In this time, the team has also doubled to c.300 people. A number of notable appointments have been made to bolster its leadership team including Laurel Powers-Freeling as Chair of the Board, Karen Kerrigan, formerly COO at Seedr, Cecilia Mourain, MD Moneybox Home-buying and Caroline Murphree, formerly Europe CEO at Wealthsimple, who will join next month.

Ben Stanway, co-founder of Moneybox, said: “Our mission is to help people build wealth with confidence so they can enjoy life today and tomorrow. This new round of investment enables us to create even better services to help our customers succeed across their home-buying, retirement, savings and investing missions. By continuing to focus on the large and under-served mass market we believe we are on a path to create the UK’s category-defining wealth platform. We celebrate this moment with deep gratitude for our amazing team, our loyal customers, and our supportive investors.”

Alokik Advani, Managing Partner, Fidelity International Strategic Ventures: “We were proud to lead the Series D funding round and this new investment is testament to the confidence of those closest to the Moneybox business. Since our first investment in the Series B funding round, we have been extremely pleased with the company’s execution, clear revenue model, product innovation, and diversification. Moneybox is at a significant inflection point in its journey and this next chapter of growth will see them introduce new unique investment solutions helping to support millions as they save for the future.”

Laurel Powers-Freeling, Moneybox Chair, commented: “Without doubt, it’s a very different market right now than even 1 or 2 years ago and it has perhaps never been more important that consumers are supported to make positive financial decisions that can help them build wealth over their lifetime. Moneybox has the potential to lead a revolution in how everyone engages with their financial lives and their opportunity to build wealth for their future. The comprehensive product range is designed to help people succeed over the long term, offering the tools and information they need to confidently save and invest toward what matters to them in life. With 5* rated services, one of the highest NPSs in the industry, and a 95% customer retention rate, Moneybox is primed to reach exciting new heights in the years to come. Through their increased support, our investors have shown their deep commitment and belief in what Moneybox can achieve as we move to our next phase of growth.”