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Moneybox plan to expand into cryptocurrency investing

Moneybox plan to expand into cryptocurrency investing

Moneybox, the fintech app that allows users to manage their finances across a variety of different accounts, is planning on expanding into cryptocurrency investments. The move comes after they raised £35 million from asset management company, Fidelity, to fund the plan.

In an exclusive interview with AltFi, Moneybox co-founder and co-CEO, Ben Stanway, explained that they believe cryptocurrency is the next step for the company, and that it should help to meet the “societal need for the mass market to have wealth planning, savings and services made available to them.”

Stanway also explained that their expansion into cryptocurrency investing would not turn Moneybox into a place to speculate on digital assets, but rather offer a new avenue to help their users further diversify their portfolios.

He said: “We’re going to be expanding [into crypto] through the lens of diversification, not through the lens of speculation.

“If customers want to buy today and sell tomorrow, there are a lot of platforms out there that will facilitate that. We will not be a good place for people to speculate on cryptocurrencies.”

Stanway further noted that they may only focus on a few cryptocurrencies at first, stating he “wouldn’t be surprised if on day one it was just bitcoin, or maybe bitcoin and perhaps one or two others.”

Moneybox will continue to offer all its other services

Moneybox launched in 2016 and has already amassed more than 750,000 users. While plans to expand into cryptocurrencies are still in development, they already offer access to several different saving and investment services, including ISAs, self-invested personal pensions (SIPPs) and General Investment Accounts (GIAs).

Stanway hopes that, with the launch of cryptocurrency investing, users will be able to combine all the features Moneybox offer to manage their money more efficiently under one roof.

He stated: “The next seven years are going to be about knitting them [the Moneybox features] all together in a beautiful sort of integrated holistic planning service. As a customer, you’re not really looking or thinking about the products – you’re saying ‘I want this kind of retirement, I want to buy this kind of home, or I want to have this much money set aside for a rainy day.’

“Starting this year, and I should think for several years to come, we’re going to be putting our minds to how to provide what I’d loosely define as ‘planning services’ to the 15 to 20 million people in the UK who both have money and would benefit from planning.”

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