Digital wealth manager Moneybox has raised £35 million ($45.9 million) in a Series D round that will help it push into crypto products.
As laid out in an interview with AltFi, co-founder and co-CEO Ben Stanway said that the fintech firm would use the money to launch its first financial planning services, add a broader range of ETFs, and introduce crypto investing.
Stanway gave the example of giving customers the option to hold “a couple of per cent” in Bitcoin as part of a larger portfolio.
The round was led by Fidelity International Strategic Ventures, alongside existing investors and new investor Polar Capital, and brings total funds raised by the digital wealth manager to £95 million.
Moneybox's platform currently supports more than 800,000 customers and has more than £2.9 billion in assets under administration, the company said in a press release. Since its Series C fundraise in July 2020, its assets under administration has more than tripled (+356%).
The platform is the latest fintech to put its flag in the ground with regards to crypto. In March, Nordic neobank Lunar announced it was rolling out crypto tools alongside a $77 million raise. Investment app Acorns also joined the pack in March, by adding bitcoin exposure. The UK's Revolut has long offered crypto investment tools and is said to be exploring a native token. Germany's N26 is also reportedly due to launch a crypto trading tool through a partnership with Bitpanda.
"Moneybox is at a significant inflection point in its journey and this next chapter of growth will see them introduce new unique investment solutions helping to support millions as they save for the future," said Alokik Advani, managing partner at Fidelity.