Financial technology start-up Moneybox has appointed Daniel Godfrey, former CEO of The Investment Association to its advisory board.
Godfrey’s advisory role will include product design and development, regulatory authorisation, and marketing and communications. He has 30 years of experience in the financial services industry, and was CEO of the Investment Association for three years.
A member of the Financial Conduct Authority’s Innovation Hub, the Moneybox app allows users to collect digital ‘spare change’ from card transactions, gathering it in to a stocks and shares ISA which can be accessed using a smart phone.
Users can customise their portfolios, choosing from a number of pre-selected funds, and can add either one-off or recurring deposits.
Godfrey said: “For too long the investment industry has overlooked the younger generation. Moneybox, with its capacity to round up digital ‘spare change’ into long-term investments through an ISA, can revolutionise the investment landscape and play a real part in helping people build a better, safer future for themselves.”
Moneybox has also announced that it has raised $3 million in investment, which it will use to expand its core team and to develop its app ahead of launch in 2016.
Ben Stanway, co-founder of Moneybox, commented: “The funding will allow us to expand our core team to around 20 people, and refine the app as we head towards our UK launch.”
“We want to make saving and investing easy and engaging. By enabling users to get started investing with just £1 and making the investment options clear and simple we hope that Moneybox can help more and more people achieve their long-term financial goals.
