Monzo users can invest cash with Moneybox app thanks to Open Banking

 
Lynsey Barber
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Rounding up payments can pay off (Source: Monzo)

Monzo users can now invest their cash by rounding up purchases to the nearest pound.

Fellow fintech startup Moneybox has added support for Monzo using the digital challenger bank's API.

Read more: The regulator just approved Monzo's first move outside the UK

The Moneybox app is designed to encourage more people not only to save, but invest their cash. When users make a purchase, the rest of the cash up to the nearest pound is taken and invested in either of three kinds of tracker funds.They can also put cash in at other times.

Moneybox also plans to add support for other banks when their APIs become available via the Open Banking initiative.

“Offering round ups to Monzo users has been one of our most popular feature requests since we launched Moneybox," said its co-founder Ben Stanway.

"We love the idea that a customer can now use their Monzo card to buy their morning coffee and use Moneybox to invest the change. We're currently working on a number of other integrations and believe the Open Banking initiative will enable us to help many more people start saving and investing towards their future."

Read more: Now you can use Monzo with Android Pay

Monzo founder Tom Blomfield added: "We’re pleased that it’s now possible for Monzo users to set aside and invest spare change with Moneybox."

Another digital challenger bank, Starling, recently added support for Moneybox.

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