We announced today that we have invested in Moneybox.
We are delighted to be supporting the team in building a company that makes savings and investments accessible to the millennial generation. Moneybox was founded by school friends, Ben Stanway and Charlie Mortimer and they have assembled a great team around them to deliver on the simple promise: to make it easier for people to set aside money for their future.
Ben’s early career was with Fidelity and then as a Partner with a hedge fund but his first technology venture was Bloom and Wild. Bloom and Wild took the gifting market and tried to increase user frequency and engagement in an existing behaviour by offering a seamless mobile experience that made it simple and rewarding to use. We see a huge parallel with Moneybox there.
Charlie has spent almost all of his career working in online ventures and exited his last one to Money Supermarket. Again, we see his experience as hugely valuable for Moneybox.
At Oxford Capital we are looking to invest in UK tech companies that operate in sectors where the UK has a large domestic market or a clear comparative advantage from a global perspective. Fintech is one of those sectors and remains a focus area for us.
In the case of Moneybox, we believe that each of those things (market size and comparative advantage) is also true. In spite of the recent referendum vote, the UK is still a leading European economy, London is still a fintech powerhouse and twenty- and thirty-somethings still don’t put their savings into mutual funds or pensions.
Why did we invest? Well, the combination of team, product and marketing expertise and un-addressed opportunity really made that decision for us. Moneybox is the third new investment we have closed in recent weeks. We remain committed to investing in the best UK tech companies and our outlook for the UK technology sector and its long term prospects remains enduringly positive.
If you have founded or are otherwise involved in a company that you think might meet our investment criteria, please do get in touch. We continue to invest at all points in the economic cycle as we have done for the last 17 years.
Ben Stanway, co-founder of Moneybox, commented on the round’s closure: “We’re delighted to be working with Oxford Capital, who have such a great track record and understanding of our business. The funding will allow us to accelerate our product development and scale up the customer base.”