Moneybox, a UK start-up that plans to launch a mobile app to help millennials save and invest, has raised $3m seed funding. Similar to the popular US app Acorns, Moneybox will automatically round up transactions on users credit and debit cards to the nearest pound and invest the funds in an ISA. The company plans to use the funding to expand the core team and for development, ahead of an “early 2016” launch. Backing comes from, among others, Samos Investments, which previously invested in Betfair and Ocado. Transaction fees and legacy banking infrastructure prohibit A new generation of financial services is emerging, with startups such as Wealthfront and Betterment
Moneybox, a UK start-up that plans to launch a mobile app to help millennials save and invest, has raised $3m seed funding. Similar to the popular US app Acorns, Moneybox will automatically round up transactions on users credit and debit cards to the nearest pound and invest the funds in an ISA. The company plans to use the funding to expand the core team and for development, ahead of an “early 2016” launch. Backing comes from, among others, Samos Investments, which previously invested in Betfair and Ocado. A new generation of financial services is emerging, with startups such as Wealthfront and Betterment