British savings and investment app Moneybox has secured £70 million in investment, mostly facilitated through a secondary share sale that will nearly double its valuation from two years ago to £550 million.
The raise sees new investors Apis Global Growth Fund III and Amundi join existing backers Fidelity International Strategic Ventures, Oxford Capital, Breega, Burda, and CNP.
Together, the combined investment is worth £70 million and will mainly be facilitated through a secondary share sale, with existing investors selling 10-15% of the current share capital. Moneybox’s 35,000-strong shareholder community - including crowdfund investors, customer shareholders, and employee shareholders - will have the opportunity to sell 10% of their holding.
Launched in 2016, Moneybox began life as a way for users to invest the spare change from daily card purchases into a Stocks & Shares ISA.
It has since added a range of saving and investment products and now supports more than a million customers across the UK to save, invest, buy their first homes, and plan for retirement, recently surpassing £10 billion in assets under administration.
Ben Stanway, executive chair, Moneybox, says: "Our high customer retention, sustained growth, and increasing profitability underscore the strength of our business, and we are excited about the incredible opportunity ahead."