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FinTech startup Moneybox raises $3m in seed funding

moneybox funding

Moneybox has closed a $3m seed funding round with support from Samos Investments, a private equity investment firm.

The London startup, which sets out to encourage millennials to save through the use of its mobile app, also drew investment from a series of undisclosed angel investors.

Ben Stanway, co-founder of Moneybox, said the newly-secured funds would help expand the core team and refine the app as it readies to launch in the UK later this quarter.

He added: “We want to make saving and investing easy and engaging. By enabling users to get started investing with just £1 and making the investment options clear and simple we hope that Moneybox can help more and more people achieve their long-term financial goals.”

Moneybox users will be encouraged to save by rounding up their digital ‘spare change’ from daily card transactions into a stocks and shares individual savings account (ISA).

In addition to the funding, the company confirmed in a statement that Daniel Godfrey, former CEO of the Investment Association – a representative body for UK investment managers – would serve as an advisor.

“For too long the investment industry has overlooked the younger generation,” said Godfrey, noting that Moneybox could “revolutionise the investment landscape”.