Spare change investment platform Moneybox has reportedly netted £14m in a Series B round of funding.
The investment was led by Eight Roads, with participation also coming from existing backers such as Oxford Capital Partners, and Samos Investments, among others, according to various reports in the media.
London-based Moneybox is an online retail investment app, which lets users invest their spare change into a selection of portfolio options.
The platform, which has a monthly fee of £1, works by a user linking up their payment cards and any transaction they make will be rounded up to the nearest pound. This extra money can then be invested into global companies via tracker funds.
To help users get started there are three investment portfolio options, depending of risk levels, with each offering a mix of cash funds, global shares funds and property shares funds. Services available also include junior ISAs, to help prepare for a child’s future, or a lifetime ISA, to help with purchases like getting a house.
Capital from the round will be used to increase production of new features and services, and doubling its team from 30 to 60, the articles state. During the next year, the company is supposedly looking to build a pensions product, improved financial planning tools, and more brand deals.
Earlier in the year, Eight Roads invested into the $2.87m pre-Series A round of Silot, a banking platform to help financial institutions and merchants access payments, onboarding and anti-fraud solutions.
Last year, the firm led the $30m Series B round of stock investment platform Stockpile. The company empowers all types of investors, with a focus on millennials and first timers, to buy individual stocks or ETFs.
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