Moneybox has announced the closure of a £14m Series B led by Eight Road.

Existing backers including Oxford Capital Partners and Samos Investments also participated.

Moneybox was set up to address the fact a generation is growing up without the tools, information or confidence they need to build their financial future.

This new round, which brings the company’s total to £21.3m, will be used to expand the team, build new products and create content.

“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. We are delighted that this new funding round will help us to further develop our service and empower many more customers to achieve their financial goals,” said Ben Stanway, co-founder of Moneybox.

Since launching in August 2015, Moneybox claims to have helped more than 100,000 people start their investing journey.

Cyrus Jilla, president of Eight Roads, commented: “Moneybox demystifies savings and investments with a simple, engaging and intuitive product that fits seamlessly into the everyday lives of its users.

“Eight Roads’ looks forward to using its global network and financial services expertise to support Moneybox over the long-term, as it continues to grow its loyal customer base, expand its proposition and build out its team,” concluded Jilla.