British savings and investment app Moneybox has raised £14 million in a Series B funding round led by Eight Roads, the proprietary investment arm of Fidelity International.
Existing investors, including Oxford Capital Partners and Samos Investments, also participated in the round, which brings the total amount raised by the company to £21.3 million.
Moneybox lets users save through a combination of card transaction round ups, weekly deposits, payday boosts and one-offs. Customers can choose from three simple starting options - cautious, balanced and adventurous - which invest in tracker funds run by Vanguard, Henderson and BlackRock.
The firm claims to have been used by over 100,000 people since launching two years ago, with the average customers investing £20 a week.
The new funding will be used to make hires and build new products.
Ben Stanway, co-founder, Moneybox, says: "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."