Moneybox: Savings and investment platform gears up for possible IPO
Savings and investment platform Moneybox is gearing up for a potential initial public offering (IPO) as it bolsters its boardroom with a new hire.
The fintech has made a major signal it is working towards becoming a public company in the future with the appointment of Melissa Birge as an independent non-executive director.
Birge has previously served as chief financial officer of Kayak where she led the company through its IPO and subsequent $2.1bn (£1.6bn) acquisition by The Priceline Group.
When asked by City AM about a potential IPO, Moneybox said it did not have immediate plans but did not rule out completing one in the future.
The signal from Moneybox comes after it was reported that Monzo is close to hiring investment bankers to spearhead a blockbuster public listing valued at more than £6bn.
It was also reported over the weekend that Chancellor Rachel Reeves is planning to launch a review of the ISA market in the coming weeks amid City calls to cap the amount that can be held tax-free in cash.
Birge joins fellow non-executive directors Alokik Advani, Jeremy Marsden, and Ben Marrel on the board and is to “work closely” with co-founder and chair Ben Stanway.
In a statement, Moneybox said her appointment would help “guide the company through its next phase of growth”.
Birge said: “I always look for a great team first, and the team at Moneybox is top notch.
“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 operates an app for wealth management that includes saving, investing, home-buying, and retirement. It has more than one million UK customers and over £15bn in assets.
Stanway added: “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 after Moneybox’s valuation rose to £550m towards the end of 2024.
The London-based company said in October last year that its new valuation marked an 84 per cent increase from its price tag in a March 2022 Series D funding round.
It came after a roughly £70m investment agreed with new backers Apis Global Growth Fund III and French asset manager Amundi.
Apis committed around £60m, while Amundi agreed to an investment of £8m.
The deal saw both firms buy stock from Moneybox’s existing investors, including employees.
For its year to 31 May, 2024, Moneybox achieved an annual pre-tax profit of £26.5m, compared to a £4.1m loss a year earlier.
Moneybox’s revenue soared to £77.2m from £28.7m over the same period.
The company’s other investors include Fidelity International Strategic Ventures, Oxford Capital, Breega, Burda and CNP.