MoneyBox, an app rounding up spare change from card transactions into a stocks and shares ISA, has officially launched in the UK.
Savings and investment app, Moneybox, which has already raised over £3.62m in funding, officially launched on the Apple Store today (31 August).
The Moneybox app enables users to round up spare change from everyday card transactions and invest that change into three tracker funds within a stocks and shares ISA.
For example, if you purchase a cup of coffee for £1.79, the app will round up the transaction to £2.00, after moving the remaining 21p to the ISA.
Moneybox was authorised by the FCA in May and has already raised over £3.62m in investment from the likes of Oxford Capital Partners and Samos Investments.
Ben Stanway, co-founder of Moneybox said: “The team has worked incredibly hard over the last year to create an app that helps you to set up an ISA from your phone in a couple of minutes, and invest your spare change with a single swipe into thousands of leading companies around the world.
“By enabling people to start with as little as £1, we are opening up the market to a new generation of investors and giving them the tools they need to achieve their future financial goals.”
The company was founded in 2015 by tech entrepreneurs Ben Stanway and Charlie Mortimer and is based in London.
Interested in finding out more about how the app works?