Investment platform Moneybox has been valued at £550m after raising £70m in its latest funding round.
The valuation represents a 84% jump since Moneybox held its Series D funding round in 2022, and brings the firm’s number of shareholders to around, including employees and crowdfunders.
The news was announced in a LinkedIn post by European venture capital fund Breega, which holds a stake in the business.
Moneybox was launched in 2016 and has since grown to offer services including ISAs, pension plans, general investment accounts and homebuying support to more than 1 million customers through it’s Lifetime ISA.
According to Breega, the firm’s revenue increased 168% last year and it now oversees more than £10 billion in assets.
The business was co-founded by Ben Stanway and Charlie Mortimer. Stanway was previously a partner of hedge fund Habrok Capital Management, while Mortimer previously founded personal finance app OnTress, which was purchased by MoneySupermarket in 2014.
“We’ve brought saving, investing, home-buying, and retirement services together into one simple app,” the platform states on its website.
In the view of the Good Money Guide, “Moneybox is good for investing and saving, especially for beginners” as it offers “a variety of investment accounts and options”.
“It is probably best suited to someone relatively new to investing with a small amount of money to invest,” we added.
“Those with larger amounts to invest may be better off going for a platform with lower fees and more investment options.”
Moneybox charges a subscription £1 per month, free for the first three months.
For its investment accounts it also charges a management fee 0.45% of the value of assets held in the account, in addition to any relevant fees to fund providers/
In addition to a range of third-party funds and instruments, the firm offers its own three inhouse ready-made portfolios with different risk levels – Cautious, Balanced, and Adventurous.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
