Moneybox, in an interview with AltFi, announced the raise of $46.9 million in a Series D funding round to further its operations and launch crypto products.
The investment round was led by asset management firm Fidelity International Strategic Ventures which also backed the neobank in its series B funding back in 2018. The round also had participation from Polar Capital alongside other existing investors. Moneybox also intends to launch a crowdfunding round in the coming weeks in continuation of the Series D funding. The Fintech firm had in 2020 successfully raised £7 million in two days through crowdfunding.
With the new funds raised, the online wealth manager with a staff strength of about 300 employees will continue to build its brand while expanding its clients base, and venture into crypto investments while adding a wider range of Exchange Traded Fund (ETFs), according to co-founder and co-CEO Ben Stanway.
Ben further explained that Moneybox will venture into the crypto sphere with attention on portfolio diversification rather than crypto trading as he feels Moneybox isn’t in a good position to make speculations on these nascent asset class.
He also mentioned in the interview that the plans to provide crypto investments are still in the early stages but the service will be open to just Bitcoin (BTC) and maybe two other tokens. The diversification into crypto will broaden the services rendered by Moneybox which currently includes property advice service, pension planning, and a cash platform, among others.
Fintech’s participation in the crypto sphere
Moneybox’s interest in the crypto sphere is the latest from the fintech space which has seen participation from a number of heavyweights in the industry. Nordic financial service firm Lunar in March received $77 million in funding while it also announced the launch of its crypto trading platform to grant its numerous customers an avenue to gain exposure to the ecosystem.
Stripe Ventures in partnership with FTX also made a move to make crypto investments easier after it had earlier taken a four-year break from the crypto business, all of which were previously reported by cryptomarketsbeat.
Moneybox, the neobank that began operations in 2016 is an online savings and investment app that helps clients invest their capital in thousands of global companies using tracker funds. The platform has since grown exponentially providing property buying, stock investments, and retirement planning services for its over 800,000 users with over £2.9 billion in its management portfolio.