Moneybox secured its second consecutive year of profitability in 2024 after swathes of new customers poured billions into the firm.
The investment platform‘s net inflows more than trebled to £5.8bn, from £1.7bn the year prior – a jump of over 241 per cent.
Assets under management also more than doubled to £11.7bn as the fintech’s wealth segment boomed.
The growth came as Moneybox added another 400,000 customers to its base taking total users to 1.3m.
The platform, which was founded in 2015, offers a host 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
The fintech benefitted from customer retention topping 94 per cent as it doubled down on its strategy for wealth and home-buying journeys.
Revenue jumped 68 per cent to £93.8bn in 2024. Total employees at the firm rose to 412, up from 333 at the end of 2023.
The group enlisted finance heavyweight Melissa Birge as a new independent non-executive director to its board this year. Birge, who had led Kayak’s IPO as chief financial officer, was tasked with supporting the firm’s next phase of growth.
The firm’s highest-paid director’s pay packet reached £287,834, up nearly 40 per cent from the previous year of £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-based firm sealed a valuation of £550m in October last year ahead of a secondary share sale.
Stanway controls a near eight per cent stake in the company, according to the latest Companies House filing, worth £44m.
The sale allowed two new major investors to take a stake whilst previous investors sold up to ten per cent of holdings.
Apis Global Growth Fund III and French asset manager Amundi have backed the firm with a near £70m investment.
This marked an 84 per cent increase from its March 2022 price tag, where it completed a Series D funding round.