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MoneyBox raises $46 million to fuel its crypto expansion

Updated: Jul 25, 2024
Published: Apr 4, 2022
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U.K.-based savings and investment app Moneybox has raised £35 million ($45.9 million) in a Series D funding round from wealth management giant Fidelity to expand its business and introduce crypto investing.

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Moneybox is seeking crypto expansion

Fidelity International Strategic Ventures led the funding round, which also included existing investors and new investor Polar Capital. This brings the digital asset manager's funding to £95 million. In an interview with AltFi, co-founder and co-CEO Ben Stanway said the funding will be used to establish the company's first financial planning services, expand its ETF offering and add crypto investing.

Moneybox's platform now has over 800,000 customers and over £2.9 billion in assets under management. The main reason for offering crypto investments is that Moneybox wants to give its customers the opportunity to diversify their assets. Since Moneybox does not want to compete with crypto exchanges, the focus is not on trading, but on a more traditional way of investing.

Fintech disruptors are entering the crypto space

MoneyBox is not the only fintech app seeing rising customer interest in cryptocurrencies. Lunar, a Nordic neobank, has announced ambitions to build a trading platform and B2B payments, as well as a $77 million capital raise. N26, a German neobank, is also expected to launch cryptocurrency trading this year.

Traditional banks are struggling as a new generation of neobanks has emerged in recent years, many of which are more hesitant to innovate their services. However, as more fintech startups enter the crypto market, more traditional banks are expected to follow suit to remain competitive.

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