Moneybox, a UK based Fintech, has raised £4 million in just four hours crowdfunding on Crowdcube, according to a note from the company.
According to the offering page, Moneybox has now raised £4.47 million from 11,012 investors at a pre-money valuation of £142.7 million. The funding hurdle was set at £1million a number that was topped in 20 minutes. Investors are receiving equity in Moneybox at a per-share price of £3.50. This funding round is part of a larger Series C round that was backed by VCs. It was not immediately clear if the deal terms differed between the two offerings.
Moneybox says it is crowdfunding to “bring its community closer to its exciting growth journey and help it become one of the largest saving and investing platforms in the UK.”
The new capital will be used to drive platform growth and improve technology while scaling its team.
Launched in 2016, Moneybox recently reported that the company had topped £1 billion in assets. The company reports more than 450,000 customers using their savings and investment products. Moneybox says it is growing at an average of £100 million per month, and Moneybox users have an average balance of £2,273 on the platform. With customer growth of 121% year over year, Moneybox says it is currently growing faster than some of the biggest names in UK wealth management.
Ben Stanway, co-founder of Moneybox commented on the ongoing offering on Crowdcube:
“We’re thrilled to have kicked off our first ever crowd raise, giving our amazing community the chance to be a part of our journey and help us become one of the largest saving and investing platforms in the UK. Securing this funding enables us to continue to build the products, tools and technology to help people achieve their goals easily – whether it’s buying a house, saving for retirement or just a rainy day. We’re blown away by the positive response to the campaign, and are very excited to have our new shareholders on board as we continue to execute our mission of helping everyone save and invest for the future. Giving our community the chance to own part of the company has always been in our plan, so we are excited the day has finally arrived.”
Luke Lang, co-founder of Crowdcube added that with over 10,000 investors, Moneybox is one of the most popular campaigns in Crowdcube’s history:
“Moneybox now has an extremely powerful core community of brand advocates who are passionate about their vision and I suspect these new shareholders will be hell-bent on spreading the word to help Moneybox grow even faster.”
In 2018, Moneybox raised £14 million in a Series B funding round. In total, Moneybox has not raised in excess of £50 million raised from VCs as well as the current offering.
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