Moneybox has reported its second consecutive year of profitability in 2024, following a significant influx of new customers investing billions into the firm.
The investment platform saw net inflows more than triple to £5.8bn, up from £1.7bn the previous year – an increase of over 241 per cent, as reported by .
Assets under management also more than doubled to £11.7bn as the fintech's wealth segment experienced significant growth.
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This growth was driven by Moneybox adding another 400,000 customers, bringing its total user base to 1.3m.
Founded in 2015, the platform offers a range of products for savers, including both stocks and shares and cash ISAs, pension consolidation services, and end-to-end homebuying services.
Moneybox targets wealth and homebuyers
Moneybox has benefited from a customer retention rate of 94 per cent as it continues to focus on its strategy for wealth and home-buying journeys.
Revenue increased by 68 per cent to £93.8m in 2024. The number of employees at the firm rose to 412, up from 333 at the end of 2023.
Finance heavyweight Melissa Birge joined the group as a new independent non-executive director this year. Birge, who previously led Kayak's IPO as chief financial officer, has been tasked with supporting the firm's next phase of growth.
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The highest-paid director at the firm received a pay packet of £287,834, up nearly 40 per cent from the previous year's £206,069.
Ben Stanway, co-founder at Moneybox, said: "We will continue our strategy of acquiring new customers at scale, as well as deepening customer relationships by providing increasingly personalised support along each step of the wealth-building journey."
The London-headquartered business achieved a valuation of £550m in October last year prior to a secondary share transaction.
Stanway holds nearly eight per cent of the company, according to the most recent Companies House documents, valued at £44m.
The transaction enabled two fresh major backers to acquire stakes whilst existing investors offloaded up to ten per cent of their holdings. .
Apis Global Growth Fund III and French asset manager Amundi have supported the business with an investment approaching £70m. .
This represented an 84 per cent rise from its March 2022 valuation, when it concluded a Series D funding round.