Spare change investment app Moneybox today announced the close of a £14m series B fundraising round, led by Alibaba investor Eight Roads.
Existing investors Oxford Capital Partners and Samos Investments, among others, also participated.
The fresh funding takes Moneybox’s total amount raised to date to £21.3m. It is understood that the money will be used to fund new products and to expand the team from 30 to 60 staff, all based within the startup’s London base on Southbank.
The Moneybox app connects to a user’s bank account and automatically rounds up their payments, investing the spare change into an ISA of their choice with three different risk appetites from funds run by Vanguard, Henderson and Blackrock.
Users can also make extra deposits into their Moneybox ISA, with more than 80 per cent of Moneybox users setting up weekly deposits and 15 per cent utilising its pay-day boost feature.