London-based financial services platform Moneybox has achieved a significant milestone by attaining profitability, marking another success story in the flourishing fintech sector. The firm disclosed that it reached this pivotal point during Q2 of the current year and has sustained profitability through the subsequent quarter.
In addition to this financial feat, Moneybox proudly announced that its customer base has now surpassed the one million mark, showcasing the platform’s widespread appeal and growing influence in the financial technology landscape.
Ben Stanway, the Co-CEO and Co-founder of Moneybox, emphasized the resilience of their customers in the face of persistent cost-of-living challenges. He noted, “Against a backdrop of persistent cost of living challenges, our customers are saving and investing more than ever, in most cases because they are prioritising their financial goals over their discretionary spending.”
Moneybox reported an impressive 43% year-on-year growth in assets under administration, reaching a total of over £5 billion. This robust performance underscores the platform’s ability to attract and manage substantial financial assets.
Over the last four years, Moneybox has achieved remarkable revenue growth, boasting an impressive 1,047% increase. Co-founded by Ben Stanway and Charlie Mortimer in 2015, the fintech offers a comprehensive range of financial services, including investments, savings accounts such as ISAs, mortgages, and pensions.
Ben Stanway expressed enthusiasm about the profitability milestone, stating, “Moneybox is now profitable and this presents us with an amazing opportunity to re-invest these profits into the Moneybox proposition to make it even better for our customers.”
In 2022, Moneybox secured £35 million in a Series D financing round, led by Fidelity International Strategic Ventures. This was followed by a successful crowdfunding campaign, raising an additional £6.25 million. To date, the platform has amassed over £100 million in funding, highlighting the confidence and support it has garnered from investors.
Moneybox’s journey to profitability and the achievement of one million customers positions the platform as a noteworthy player in the fintech industry, signaling both financial success and a growing user base. As Moneybox continues to evolve and expand its offerings, it remains a compelling force in the dynamic landscape of financial technology.
