Moneybox crowdfunds over £4m in just four hours
The saving and investing app, Moneybox has raised £4m in just four hours on Crowdcube, the investment crowdfunding platform - smashing the 2020 record for largest number of investors in a single campaign. Over 10,000 investors have taken part in the fundraise so far, which saw Moneybox reach its original target of £1,000,000 in just 20 minutes.
Moneybox is on a mission to help everyone save and invest for their future. Launched in 2016, the company has experienced rapid growth and now has a community of more than 450,000 customers and a team of 120 people.
Offering a range of saving and investment products, Moneybox enables customers to set money aside in the way that suits them best using round ups, regular deposits or one-off payments, whilst popular tools such as the Time Machine help them keep their savings on track.
Having recently reached the milestone of over £1bn in assets, Moneybox is growing at an average of £100m per month, and Moneybox users have an average balance of £2,273 on the platform. With customer growth of 121% year on year, Moneybox is currently growing faster than some of the biggest names in UK wealth management.
Through the crowdfund, Moneybox wants to bring its community closer to its exciting growth journey and enable them to share in the company’s success. Moneybox has an engaged user base, where 62% of users log in to the app every month. In addition to scaling the team, the funding will be used to supercharge its growth and further execute its mission to help everyone save and invest for their future.
Over 10,000 investors have participated in the crowdfunding so far, making it the largest number of investors in a single campaign in 2020, and the fundraise remains open to investment.
The crowdfund follows a recent Series C funding round announced earlier this month, where Moneybox raised £30m from professional investors. In 2018, Moneybox raised £14m in a Series B.
Ben Stanway, Co-founder of Moneybox said: “We're thrilled to have kicked off our first ever crowd raise, giving our amazing community the chance to be a part of our journey and help us become one of the largest saving and investing platforms in the UK. Securing this funding enables us to continue to build the products, tools and technology to help people achieve their goals easily - whether it’s buying a house, saving for retirement or just a rainy day.
"We’re blown away by the positive response to the campaign, and are very excited to have our new shareholders on board as we continue to execute our mission of helping everyone save and invest for the future. Giving our community the chance to own part of the company has always been in our plan, so we are excited the day has finally arrived.”
Luke Lang, Co-founder of Crowdcube commented: With over 10,000 investors, Moneybox is one of the most popular campaigns in Crowdcube's history. Moneybox now has an extremely powerful core community of brand advocates who are passionate about their vision and I suspect these new shareholders will be hell-bent on spreading the word to help Moneybox grow even faster."