Moneybox: Fintech’s valuation surges after reporting profit
Moneybox has secured a £550m valuation ahead of a secondary share sale after the savings and investment platform moved into profit.
The London-based firm, founded in 2015, said the new valuation marked an 84 per cent increase from its price tag in a March 2022 Series D funding round.
It comes after a roughly £70m investment agreed with new backers Apis Global Growth Fund III and French asset manager Amundi.
Apis has committed around £60m, while Amundi has agreed to an investment of £8m.
The deal will see both firms buy stock from Moneybox’s existing investors, including employees.
This secondary share sale will allow the fintech’s roughly 35,000 investors to offload 10 per cent of their holding.
Moneybox operates an app for wealth management that includes saving, investing, home-buying, and retirement. It has more than one million UK customers and over £10bn in assets.
The firm’s accounts for the year ending 31 May 2024, published on Monday, show an annual pretax profit of £26.5m, compared to a £4.1m loss a year earlier.
Moneybox’s revenue soared to £77.2m from £28.7m.
“Our high customer retention, sustained growth and increasing profitability underscore the strength of our business,” Ben Stanway, Moneybox’s co-founder and executive chair, said on Wednesday.
As part of the new deal, Amundi will be represented on Moneybox’s board by Paris-based VC firm Breega, in which it is an investor. Apis will take a seat as a board observer.
Stanway said the new investors’ “expertise and support will be invaluable as we move into the next stage of our journey”.
“We are also delighted to be able to facilitate this secondary share sale to recognise the hard work of our team and also our investors, many of whom have supported us since inception,” he added.
The planned share sale follows similar deals made by fellow UK fintechs Revolut and Monzo in recent months, both of which have raised the firms’ valuations.
It was reported on Tuesday that digital bank payments start-up GoCardless was also preparing for a secondary share sale to provide liquidity to employees.
Moneybox’s existing investors include Fidelity International Strategic Ventures, Oxford Capital, Breega, Burda and CNP.
Philippe d’Orgeval, Amundi’s UK CEO, said: “Our investment reflects our commitment to supporting innovative fintech solutions that enhance financial inclusion and drive sustainable growth.”