Moneybox targets pensions market for 2019

By Daniel Lanyon on Wednesday 2 January 2019

Savings and Investment

The app, aimed at helping people save and invest, will launch a new pensions function this year to help bring customers' legacy pots into one portfolio.

Fintech savings and investment app Moneybox will launch a pensions service in early 2019, according to an update from the firm.

The new pension function will allow Moneybox users to bring together old pension pots tto sit alongside other investment accounts on its app.

Moneybox, founded in 2015, launched a year later allowing investors and savers to use its ‘round-ups’ function to put accumulated spare change into an investment portfolio including a standard stocks and shares ISA as well the Lifetime ISA (LISA) more recently.  Coming at a time when more firms are offering the round-ups function including the likes of digital bank Monzo, Moneybox is looking to diversify its services to achieve growth.

The new service appears to be not disimilar to that offered by PensionBee, which also aggregates legacy pension pots and then offers off the shelf multi-asset portfolios from the likes of BlackRock & Legal & General and currently has at least £500m of asssets under management. 

Moneybox has raised a total of £18.29m according to Crunchbase, closed its Series B investment in July 2018, a £14m round led by Eight Roads, the investment arm of global asset management giant Fidelity International Limited. In 2018 it says it welcomed a new customer every six minutes, equating to approximately 87,000 new users.

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