MoneyBox Raises £35m with Plans to Launch ‘Crypto-Investing’

MoneyBox, a UK-based, rapidly emerging mobile savings and investment app, announced Monday that it had raised £35 million in a Series D funding round led by Fidelity International Strategic Ventures.

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Existing investors and new investors like Polar Capital also participated in the funding round. MoneyBox disclosed that it would use the fresh funding to establish financial planning services and an investment product that focuses on “long-term wealth generation”.

Ben Stanway, the co-founder and co-CEO at MoneyBox, said that the firm would also develop “crypto-investing” options, like adding a small amount of Bitcoin to a larger portfolio.

Stanway mentioned that the company would expand into crypto trading services “through the lens of diversification, not through the lens of speculation”.

“This new round of investment enables us to create even better services to help our customers succeed across their home-buying, retirement, savings and investing missions. By focusing on the large and under-served mass market, we believe we are on a path to create the UK’s category-defining wealth platform,” Stanway elaborated.

Helping Everyone Save and Invest for Their Future

In March last year, MoneyBox launched an in-app mortgage advice service to help customers purchase a home or remortgage and help them find the mortgage that is best suited to their individual needs. The mortgage service brought Moneybox closer to offering an end-to-end home-buyingg solution, enhancing its value addition among customers.

Launched in 2016 and headquartered in London, Moneybox has acquired more than 500,000 savers and has more than £1 billion in assets under management. The mobile savings and investment app provides a wide range of saving and investment products, including Lifetime ISAs and Pensions.

Since it raised its £30 million in Series C funding in July 2020, MoneyBox’s revenue has risen by 340%. The company currently employs about 300 people and recently expanded its leadership team with a series of new hires.

 

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Survey finds lower paid workers are quitting jobs thanks to crypto profits

Data suggests that some low-paid members of the workforce are quitting their jobs after making life-changing crypto gains.

Analytics firm Civic Science posted survey results (weighted according to U.S. census data) on Nov. 1, which shows that 4% of 6741 respondents aged 18 and over had quit their jobs in the past year due to “financial freedom” earned by investing in crypto assets.

Civic then cross-referenced the 4% figure with data from 1,201 respondents based on their annual income who had quit their jobs due to crypto gains.

Almost two thirds of those who had quit their jobs due to ‘mad gainz’ earned under $50,000 per year — comprised of 27% of those earning less than $25,000, while 37% had a total income of between $25,000 and $50,000. 15% of those tossing in jobs thanks to crypto had an income between $50,000 and $75,000, 13% between $75,000 and $150,000 and 8% with $150,000 or more.

Civics’ findings may need a pinch of salt given that they cross-referenced the data from different periods of time and a varied number of respondents. It is also unclear what constitutes “financial freedom” in this context, as Civic provides no explanation or data for what level of crypto gains the respondents made.

“This data implies that crypto investments may have provided life-changing levels of income for some, while the wealthier owners of crypto use it more as another form of asset diversification rather than source of income,” Civic Science wrote.

Financial freedom earned by crypto investing: Civic Science

Billionaire investor and crypto proponent Mark Cuban tweeted a link to the survey saying that:

“Wow 4% of people in the USA have quit their jobs because of crypto gains, and the vast majority made under 50k. Now we know why so many people quit low-paying jobs.”

Cuban was apparently referencing “The Great Resignation” phenomenon which refers to a significant labor shortage in the U.S. due to a cultural shift of people quitting their jobs in response to the global pandemic, poor wages and unfavorable working conditions.

Related: Americans reinvesting stimulus checks in Bitcoin made $4.5k in profit

Another survey result with 17,699 responses between June 17 and Oct. 27 2021 found that the main reason 28%) of respinvested in crypto was as a long term growth investment.

A further 23% were after a short-term investment while just 16% were seeking to use crypto as a payment method for “easy, fast and safe transactions,” suggesting that crypto users favor speculation over using the assets for transactions.

“In other words, over half of the population (51%) views crypto to act, more or less, as a traditional stock,” Civic wrote.

The poll also found that 11% of respondents were aiming to hedge against the “adverse economy,” 12% were seeking “independence from government” and 11% answered with “other.”