Moneybox, a fintech savings and investment platform, has reached a £550m valuation, marking an 84% increase since March 2022.
- The company’s transition to profitability is significant, evidenced by an annual pretax profit of £26.5m.
- This growth is backed by a £70m investment from Apis Global Growth Fund III and Amundi.
- Existing investors have an opportunity to engage in an upcoming secondary share sale.
- Moneybox’s user base exceeds one million UK customers, handling assets over £10bn.
Moneybox, the fintech company known for its savings and investment platform, has achieved a new valuation milestone of £550m. This marks a dramatic 84% increase from its valuation at the time of its Series D funding round in March 2022. The valuation leap highlights the company’s successful transition into profitability, a significant milestone in its operational journey.
The firm reported an annual pretax profit of £26.5m for the financial year ending 31 May 2024, a stark contrast to a £4.1m loss recorded the previous year. Revenue also saw a remarkable surge, reaching £77.2m from a prior £28.7m. Co-founder and executive chair, Ben Stanway, attributed the progress to high customer retention and sustained growth, affirming the robust nature of their business model.
Financial backing from new investors has been crucial in this transition. The firm secured approximately £70m from Apis Global Growth Fund III and French asset manager Amundi, with Apis committing about £60m and Amundi pledging £8m. This financial support bolsters Moneybox’s position as a leader in the fintech sector, enabling further expansion and innovation.
The company plans to conduct a secondary share sale, allowing its existing investors, which include 35,000 employee shareholders, to sell up to 10% of their shares. This move follows similar secondary sales by UK fintech peers such as Revolut and Monzo, indicating a trend within the industry to provide liquidity to early investors and employees.
Moneybox’s strategic partnerships further enhance its growth trajectory. Notably, Amundi will gain representation on Moneybox’s board through Paris-based VC firm Breega, with Apis joining as a board observer. These relationships are expected to offer valuable insights and governance support as Moneybox navigates its future phases.
The fintech sector sees Moneybox’s rise as a testament to strategic growth and effective market positioning.
