Moneybox moves into profit, hits one million customers

Moneybox profit Moneybox co-CEO and co-founder, Ben Stanway

London-headquartered financial services platform Moneybox has become the latest fintech to achieve profitability.

The firm says it first reached the milestone in Q2 this year and remained profitable in the following quarter.

The savings and investment app has also reached one million customers.

“Against a backdrop of persistent cost of living challenges, our customers are saving and investing more than ever, in most cases because they are prioritising their financial goals over their discretionary spending,” said Ben Stanway, co-CEO and co-founder of Moneybox.

Moneybox says its assets under administration have grown by 43% year on year to more than £5bn.

Over the last four years, the firm has reported a revenue growth of 1,047%.

Co-founded by Stanway and Charlie Mortimer in 2015, services offered by the fintech include investments, savings accounts such as ISAs, mortgages and pensions.

Stanway added: “Moneybox is now profitable and this presents us with an amazing opportunity to re-invest these profits into the Moneybox proposition to make it even better for our customers.”

Last year Moneybox banked £35m in a Series D financing round led by Fidelity International Strategic Ventures. It then went on to raise an additional £6.25m in a crowdfunding campaign.

To date, it has secured in excess of £100m in funding.