Moneybox secures $46M in Series D round led by Fidelity

Digital wealth manager Moneybox has secured 35 million GBP (approx. $46 million) in a Series D funding round led by asset Financial services giant Fidelity Investments. Having $3.9 million in assets under management, Polar Capital also joined the funding round. The London-based Moneybox aims to use the fund to expand and scale up its operations and launch fresh crypto investment products.

Before this, Fidelity International Strategic Ventures had backed the firm with investments three years back in a Series B round.

We're thrilled to announce our Series D raise! We've successfully secured £35m to help even more people turn their money into something greater.

And that's not all… we're launching another crowdfund! 💸 More details on this over the coming weeks. 👀 https://t.co/3a6LEHbLcQ

— moneybox (@moneyboxteam) April 4, 2022

Moneybox, which was launched in 2016, aims to help people invest with their small change. With over 800,000 users, its application has grown tremendously with retirement planning, property buying, and stock investment offerings.

Ben Stanway, the co-CEO and co-founder of the company, seems confident that crypto is the next goal for the company. He said that the company can now deliver on the “societal need for the mass market to have wealth planning, savings, and services made available to them.”

He went on to explain that the application will not offer crypto trading but will focus on portfolio diversification and quality investments. Stanway stated:

“We’re going to be expanding [into crypto] through the lens of diversification, not through the lens of speculation.”

He went on to say that “we will not be a good place for people to speculate on cryptocurrencies,” citing the example of keeping “a couple of percents” in Bitcoin as part of a larger portfolio.

Stanway stated that the crypto investment ideas were still in the early phases of development and that there would most likely be “simply Bitcoin, or potentially Bitcoin and perhaps one or two others” at first.

The long-term goal of the company is to provide financial products and services to as many as 15 to 20 million Brits who might take advantage of it.

Crypto funding rounds have been massive in number in 2022. As TheCoinRise reported, Fractal, a gaming NFT marketplace co-founded by Justin Kan, one of the co-founders of Twitch, has raised the sum of $35 million. Crypto and digital assets lender, Nexo has raised $150 million to launch Nexo Ventures with the aim of investing in blockchain startups and innovative Web3.0 projects.