Having finished a massive £14m round, the platform aims to make small investments in titans like Disney and Netflix even easier
Investing small amounts of money isn’t easy for most people. Complex jargon has held back average Joes from doing so in the past. Fortunately, it looks like it may get easier for people to invest in companies soon as one startup has just raised a huge series B round from the investors behind Alibaba.
Having been launched in 2015 Moneybox, the spare change investing app, casually rounds up its 100,000 users’ leftover pennies for stakes in giants like Disney and Unilever. And that number of users is set to rise with its new £14m funding round, which was led by Eight Road, the VC fund that previously backed the e-commerce giant Alibaba. The round was also backed by existing investors Oxford Capital Partners and Samos Investments.
Commenting on the success Ben Stanway, co-founder of Moneybox, said: “The traditional wealth management industry is geared to those who already have wealth – a concept that is alien to many young people. It creates huge barriers – including impenetrable jargon – for those who want to start saving and investing. “We are determined to break that mould and make investing clear, simple and easy to achieve. We are delighted that this new funding round will help us to further develop our service and empower many more customers to achieve their financial goals.”
Not only is this a huge success for Moneybox but making it easier for people to invest in companies is also sure to benefit the startup community as a whole in the future.