• News 23 October 2024

Apis Global Growth Fund III has led a c.US$92 million investment in Digital Wealth Management Platform Moneybox

Wednesday, 23rd October 2024 – Apis Partners LLP (“Apis Partners”), portfolio manager for private equity fund Apis Global Growth Fund III SCSp (the “Fund”), has announced that the Fund has successfully led a c.US$92 million (c.£70 million) investment in Moneybox, one of the UK’s fastest-growing and most profitable digital wealth management platforms. This transaction represents the second largest minority Wealth Tech investment in the UK in 2024[1], affirming Apis Partners’ leading position in the European investments landscape.

Moneybox, founded by Ben Stanway and Charlie Mortimer, has rapidly emerged as a leader in the digital wealth space, offering customers a comprehensive suite of products, including saving, investing, home-buying, and retirement planning services. The company has more than 1.5 million customers to date, and has over £10 billion of Assets Under Administration (“AUA”) and a mission to help people achieve their financial goals and build wealth with confidence. In the last fiscal year alone, the business has successfully scaled revenues by 168% and AUA per customer by 46%. Along with strong growth metrics the business has impressive profitability, which paired with the Apis Partners team’s sector-specific knowledge and strategic support will further accelerate the company’s growth and market leadership.

With a focus on the importance of impact investing globally, the team at Apis Partners was particularly drawn to Moneybox’s priority in fostering financial inclusion and financial health. The company’s core customer base of working 25- to 40 year-olds in the UK looking to buy their first home has often been overlooked by traditional wealth managers, however Moneybox’s offering provides accessibility to the housing market for this demographic, empowering individuals to achieve their financial goals through easy-to-use technology and personalised solutions. The company also takes pride in fostering financial confidence and long-term financial health through educational content and helping people embed positive saving and investing behaviours early in life. Moneybox’s digital platform and product suite also supported customers to easily opt for sustainable, ethical portfolios, allowing retail investors to align their investments with socially responsible values, helping to drive positive social change.

UK-based Apis Partners was founded a decade ago with the core philosophy that there should be no trade-off between financial returns for LPs and the societal impact created by its funds’ investments. The firm’s sector-specific team focus on investments in the dynamic intersection between financial services and technology across global markets.

Matteo Stefanel, Co-founder and Managing Partner at Apis Partners, commented: “Moneybox has quickly established itself as a transformative force in the wealth management industry, and we are thrilled to support its mission to make financial services more accessible and engaging. This partnership aligns perfectly with our strategy of investing in high-growth, profitable companies that are driving financial inclusion through technology. With Moneybox’s AUA at GBP10 billion, we are looking forward to supporting the team on its exciting growth trajectory.”

Udayan Goyal, Co-founder and Managing Partner at Apis Partners, added: “We have long admired Ben and Charlie’s mission to transform the younger generation of UK-savers from a cash dominant to equity focussed mindset. In the current cost of living crisis, seeing that a meaningful amount of all first-time home purchases in the UK have been enabled through Moneybox’s LISA accounts has been deeply satisfying, and we look forward to working with the Moneybox team to build on this success.”

Ben Stanway, Co-Founder and Executive Chair of Moneybox, commented: “We are delighted to welcome Apis Partners as a strategic investor and partner. Their deep expertise in financial services and technology, combined with a shared commitment to helping people to realise their financial potential in life and drive positive social impact, makes them the perfect partner for the next stage of our journey. This has been a truly transformational couple of years at Moneybox. Our high customer retention, sustained growth, and increasing profitability underscore the strength of our business, and we are excited about the incredible opportunity ahead.”

 

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About Apis Partners

The Apis Group (“Apis”) is an ESGI-native private equity and venture capital asset manager that supports growth-stage financial services and technology businesses globally by providing them with catalytic growth equity capital. Collectively Apis, through its team of around 40 professionals with deep industry expertise, manages or advises on total AUM of c.US$2.3 billion.

Headquartered in London, Apis has representation in seven countries globally. Apis is highly conscious of the impact that the provision of growth capital for financial services and technology businesses in global markets can achieve, and as such, financial inclusion and financial wellness are core tenets of Apis’ impact investment approach.

https://apis.pe/

 

About Moneybox:

Moneybox is the award-winning app on a mission to help people build wealth with confidence so they can enjoy life, today and tomorrow. Launched in 2016 by co-founders Ben Stanway and Charlie Mortimer, the company has experienced rapid growth, and today has over £10 billion in assets and a community of more than 1 million customers. Moneybox provides a range of great value products and services across saving, investing, home-buying, and retirement as well as helpful tools and educational content to help people manage and achieve their short, mid, and longer-term financial goals. Moneybox enables customers to set money aside in the way that suits them best using round-ups, regular deposits, or instant payments. In March 2022 Moneybox raised £35m in a Series D funding round, led by Fidelity International Strategic Ventures, existing investors Oxford Capital, CNP, Burda and Breega, plus new investor Polar Capital. The business reported its first full year of profitability in 2023.

https://www.moneyboxapp.com/

 

Media Contacts

Apis: Stephanie Mullard | media.relations@apis.pe

Moneybox: Joanne Leahy | joanne.leahy@moneyboxapp.com

[1] As per Pitchbook 24th September 2024