Ben Stanway and Charlie Mortimer

Savings and investment app Moneybox has received an additional $1.75m in funding in a round led by Oxford Capital Partners.

The news comes after the London startup, which seeks to encourage millennials to save through the use of its mobile app, raised $3m in seed funding in January.

This round was also supported by existing investors Samos Investments as well as by some high-profile individuals from the technology and finance sectors.

Ben Stanway, co-founder of Moneybox, commented on the round’s closure: “We’re delighted to be working with Oxford Capital, who have such a great track record and understanding of our business. The funding will allow us to accelerate our product development and scale up the customer base.”

Tom Bradley, partner at Oxford Capital, added “Moneybox has created something disruptive in what is a large and conservative industry that has previously overlooked younger people. We look forward to working with Ben, Charlie and the team to help build a company that can revolutionise how people save and invest for their future.”

Founded in 2015, the app is expected to launch to the public in August.

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