Wealth management fintech Moneybox sailed past funding targets today as it bagged £4.9m crowdfunding to fuel its expansion into crypto and individual stock trading.
The fresh funding round, raised from retail investors on Crowdcube, comes on the tail of a £35m institutional cash injection last month led by Fidelity ventures.
Moneybox boss Ben Stanway told City A.M. the cash was now earmarked to fund the expansion of Moneybox’s investment options.
“We’re going to introduce individual stocks, and we’re going to introduce crypto,” founder Ben Stanway said.
“But crucially we’re going to do all of these things through the lens of diversification rather than speculation.”
He added that Moneybox will “not be the place to go” for investors looking for a buy-at-breakfast-sell-at-lunch trading option.
The firm had set a target of £1m for the round which was hit in 25 minutes, and with the firm now set to hit £5m by the end of Wednesday.
London-based Moneybox passed £3bn in assets under management last month across its 800,000 customers, and bosses said they had seen no signs of a slowdown in deposits despite consumers tightening the purse strings amid a cost of living crunch.
“So far, the customer behaviour and net deposit rate has been remarkably resilient,” Stanway told City A.M..
“I think it could mean that people are safeguarding their positive ‘set and forget’ behaviour of saving towards a home or towards retirement.”
He warned that the worst could be yet to come as inflation bites in the coming months, however.