Fox Williams advised Moneybox, the mobile savings and investment app, on its £14 million Series B funding round led by Eight Roads Ventures, the proprietary investment arm of Fidelity International Limited (FIL). Existing investors also participated in the round, including Oxford Capital Partners and Samos Investments.
Founded in 2015, the latest fundraising round takes Moneybox’s total amount raised to £21.3 million, with the money being used to accelerate growth by funding new products and expanding the team. Plans for the year ahead include a pension product, more deals via its Moneybox + service and a more sophisticated financial planning tool.
Moneybox enables users to round up the spare change from everyday purchases and invest it into tracker funds within a Stocks & Shares ISA, Junior ISA or Lifetime ISA. 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.
Partner Guy Morgan led the Fox Williams team on the transaction, supported by senior associate Hannah Elliott (corporate), partner Emma Bailey (tax) and partner Chris Finney (financial services).
Ben Stanway, Moneybox co-founder, said “Fox Williams did what they said they were going to do, which was to navigate us through an extremely important transaction and provide a first class service. They are incredibly hard working and supported us every step of the way.”
“It was a pleasure to work with the Moneybox team on the funding round, which will enable the company to continue its impressive growth” said Guy Morgan, partner, Fox Williams. “Our role on this deal adds to our strong track record of advising businesses and investors in the fintech space.”