Yet-to-launch Moneybox is a U.K. startup that wants to encourage millennials — who might not be thinking too much about their financial futures — to save and invest.
It reckons the key to this is a mobile app that reduces the friction inherent with opening a stocks and shares ISA (Individual Savings Account) and perhaps ingeniously lets you round-up your ‘spare change’ from everyday card transactions to deposit in your tax-free Moneybox saving account.
To help bring its app to market in the next few months, the company has closed a $3 million seed round. Backing comes from Samos Investments (who previously invested in the likes of Betfair and Ocado) and various unnamed angel investors. The funding will be used to expand the core team to around 20 people, and for the development of the Moneybox app ahead of an “early 2016” launch.
Moneybox is also disclosing that Daniel Godfrey, former Chief Executive...
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