What a month! In July we announced some big milestones…
- £30m raised from top VC firms and investors in our private funding round,
- we’ve reached over £1b in assets under management, and
- more than 450,000 people are now using Moneybox.
Then came our most exciting news of all – for the first time ever, we were crowdfunding!
After 37,000 people registered, our raise went live last week and we were blown away by your response…
We raised £7m in under two days and are now the second biggest crowdfund ever with 16,739 investors.
You were quick off the mark, meaning we hit our original target of £1m in just 20 minutes and raised over £4m in the first four hours of launching. Read more via Crowdcube.
We want to say a huge welcome to all of our new shareholders – we’ll be in touch soon once your investments have been cleared by Crowdcube and the campaign is complete.
We can’t thank you enough for your support and are so excited to bring you even closer to our journey. Here’s to the future! 🚀
New tool to help you track down your old pensions
Lost track of your old pensions? You’re not alone… Research shows more than 1.6 million pension pots worth £19.4bn are “lost” – that’s the equivalent of £13,000 per plan. 😲 However, never fear – our pension detectives are here!
To make it even easier for you to consolidate your old workplace pensions, we launched our new provider search service to help you track down your old provider based on where you used to work. So, if you decide to begin a pension transfer from within the Moneybox app but don’t know your provider, all you need to do is tap Get Help. Then, simply fill out a few details about your previous employer and our team will do the rest!
When deciding whether to transfer your pension, it’s important you compare the charges, investment options & benefits between Moneybox and your old provider. If you’re not sure whether the Moneybox Pension is right for you, we recommend that you contact a suitably qualified financial adviser for help.
95 Day Notice Account
Deposits are now available again for users saving with our 95 Day Notice Account. While temporary measures had to be taken in June as a result of changes to the cash savings market brought on by coronavirus, we worked hard to get deposits back up and running as soon as possible, and we really appreciate your patience while this pause was in place.
If you have a 95 Day Notice Account, please see further details in our email sent on July 24th. You’ll need to reset any recurring weekly deposits or payday boosts and switch back on automatic round ups if these were set up on this account. Please get in touch with our customer support team via the in-app chat or email firstname.lastname@example.org if you need any help with this.
In the news 🗞
- Check out our £30 million funding announcement make headlines in Business Insider, EU Startups & Altfi. 📣
- “Moneybox closes crowdfunding campaign 27 days early after reaching £7m”. 🚀 Read more about our crowdfunding via Altfi, Crowdfund Insider & Fintech Direct.
- Saving for your first home? Here’s how first time buyers are getting £677 added to their savings automatically.
Behind the scenes 🎬
From testing new features, hunting for bugs 🐛 (code bugs that is), to ensuring the Moneybox app works seamlessly from what you see on your screen to our backend systems, Quality Assurance is a critical function within our tech team. This month, go behind the scenes with Qasim, one of our dedicated QA Engineers and learn more about the inner workings of the team. 🔎
Please note Moneybox cannot accept a transfer from a pension your employer is currently paying into or a pension with guaranteed benefits. Due to COVID-19 safety measures, we are currently unable to process transfers from providers that do not use the industry-approved electronic transfer system, and so will not accept transfers from these providers.
For the Lifetime ISA, if you withdraw money for any reason other than buying your first home (up to £450,000) or retirement, you’ll pay a government charge of 25% on the the amount you withdraw. This means you’ll get back less than you’ve put in. Eligibility criteria apply.