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.
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.
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.
