Earlier this year we completed our Series C funding round, securing an additional £30 million to continue our mission to make saving and investing easy and accessible to all. We were able to double the funding we received in our last round, which was a huge achievement for the team – in this blog we’ll be taking you through how we got there and what this means for our future.
Since launching the Moneybox app in 2016, we’ve grown to over 450,000 customers with over £1 billion pounds in assets on the platform. Having doubled our customer base in the past year, we’re growing faster than some of the biggest names in UK wealth management, but there’s still much more we’d like to do! As with all start ups, securing funding is key to continuing our growth, so with our Series C round now complete, we’re in a better position than ever to build out Moneybox and continue improving all aspects of the business. As well as being backed by new investors, we also saw a significant amount coming from investors from our Series B round – this support is a great reflection of the team’s continued hard work, and we’re excited to keep up the momentum knowing that Moneybox is in a great position going forward.
The process of raising funds from institutional investors involved lots of hard work from several departments, particularly our product and platform teams who were key in demonstrating how Moneybox works behind the scenes. The heads of each department also presented to the lead investor to give an idea of how their department operates and the role their team plays within Moneybox, as well as the challenges they’ve faced and their plans for the future.
Once this was finalised, we made the announcement to our community along with both the launch of our first ever crowdfund, which took place in July, and the news that we reached over £1 billion in assets under management. It’s been an exciting few months for Team Moneybox, and with further funding secured we’re looking to the future to consider how this will help us going forward.
We want to provide a range of products to help everyone achieve their financial goals, whatever they may be. This means the team is constantly working on something new, so further investment means we can allocate additional resources to help us reach our goals faster. The rapid growth we’ve seen means we’re always expanding the team, and we’re in a better position than ever to accelerate our hiring and our efforts to find the best fit for each of our open roles. On top of this, one of our core values is learning and to date we’ve encouraged team members to seek out learning opportunities whether it’s training courses or attending a variety of conferences and events. We’re now looking forward to putting more resources behind a learning and development programme to help the team with their professional growth.
We’re also keen to invest in additional office space. We moved into our current office in 2016 – since then we’ve grown to over 130 team members, and the time has come for us to expand on our existing space and make some exciting new changes which reflects how far we’ve come over the last few years. We’re working hard on this project while the team all work from home, securing further funding will help us in creating the Moneybox office we’ve been waiting for!
Finally, company culture has always been a huge part of working at Moneybox, and this has only become more apparent over the months we’ve been working from home. From our virtual summer party to our monthly birthday lunches and socials, the latest investment means we can continue our efforts to make Moneybox a great place to work, and explore new ways to have fun together whether we’re in the office or at home.
We’re really excited to be taking this next step towards our goal of helping everyone save and invest for their future. Keep an eye on our blog for further updates.