Savings and investment platform Moneybox is preparing for a potential initial public offering (IPO) with the appointment of a new board member.
The fintech firm has signalled its intentions to go public in the future by bringing Melissa Birge on board as an independent non-executive director, as reported by .
Birge, who previously served as CFO of Kayak and led the company through its IPO and subsequent £1.6bn acquisition by The Priceline Group, joins fellow non-executive directors Alokik Advani, Jeremy Marsden, and Ben Marrel on the board.
When questioned by City AM about a potential IPO, Moneybox stated it had no immediate plans but did not dismiss the possibility of one in the future.
This comes after reports that Monzo is nearing the appointment of investment bankers to lead a public listing valued at over £6bn.
Over the weekend, it was also reported that Chancellor Rachel Reeves is set to launch a review of the ISA market in response to calls from the City to limit the amount that can be held tax-free in cash.
In a statement, Moneybox said Birge's appointment would help "guide the company through its next phase of growth". Birge commented: "I always look for a great team first, and the team at Moneybox is top notch."
Melissa revealed: "Throughout my career, I've worked with consumer brands – mostly internet-based – and I was drawn to Moneybox because it has a strong brand, a product customers genuinely love, and a clear focus on sustainable growth."
"I'm excited to support the team as they continue to build and scale."
Moneybox valuation grows after profit boost
Moneybox is an app for wealth management that covers saving, investing, home-buying, and retirement. With over one million customers across the º£½ÇÊÓƵ and in excess of £10bn in assets, it's an exciting brand with a promising future.
Stanway continued: "Melissa's track record of supporting fast-growing consumer businesses through periods of transformation and scale will be invaluable as we move into our next phase."
"Her experience in governance, and sustainable growth will play a key role in our continued success. We're delighted to welcome her to the board."
The appointment comes hot on the heels of Moneybox's valuation soaring to £550m towards the end of 2024.
The London-based firm announced in October last year that its new valuation represented a massive 84 per cent increase on its valuation in a March 2022 Series D funding round.
Apis Global Growth Fund III and French asset manager Amundi invested around £70m, leading to the surge.
Apis parted with around £60m, while Amundi invested an impressive £8m.
The agreement saw both firms purchase shares from Moneybox's existing investors, including employee stakeholders. For its financial year ending 31 May, 2024, Moneybox reported an annual pre-tax profit of £26.5m, a significant turnaround from the £4.1m loss recorded the previous year.
Revenue for Moneybox skyrocketed to £77.2m, up from £28.7m over the same period.
The firm's investor portfolio includes Fidelity International Strategic Ventures, Oxford Capital, Breega, Burda and CNP.
