Moneybox is one of many financial challengers in the United Kingdom. The savings and investment app raised 14 million GBP in Series B Funding. This money will be used to increase company staff and offer new products to its customers in the coming years.
Moneybox has seen a fair amount of success since its inception. Over 100,000 people use their service in the past two years. Those are impressive numbers for a company focusing on savings and investing. Competition is heating up in the United Kingdom in this regard. Competition will result in better services and more innovation.
Another Round of Funding for Moneybox
Adding another 14m GBP in Series B funding shows how successful this company can be. It offers products and services British consumers are actively looking for. Clients have shown an appetite for any advice when it comes to investing. Given the vast number of options at one’s disposal, it becomes somewhat difficult to make an educated choice.
Moneybox co-founder Ben Stanway comments:
“The traditional wealth management industry is geared to those who already have wealth – a concept that is alien to many young people. It creates huge barriers – including impenetrable jargon – for those who want to start saving and investing. We are determined to break that mould and make investing clear, simple and easy to achieve.”
This new round of funding is led by Eight Roads. Existing investors including Oxford Capital Partners and Samos Investments also contributed during these rounds. Moneybox’s services let consumers invest in tracker funds run by major financial entities. Three investment options exist, depending on one’s financial preferences and risk strategy.