Moneybox, a London, UK-based savings and investment app for millennials, raised $3m in funding.
Backers included Betfair, Samos Investments and a group of high-profile angel investors.
The company intends to use the funds to expand the core team to around 20 people and for the development of the app ahead of its launch in early 2016.
Founded in 2015 by Charlie Mortimer and Ben Stanway, Moneybox provides an app that enables users to round-up their digital spare change from everyday card transactions into a stocks and shares ISA, which can be set up quickly on their mobile phones.
Users can add one-off or recurring deposits and can customize their portfolio by choosing from a small number of expertly-selected funds.
In addition to the funding, Daniel Godfrey, former Chief Executive of The Investment Association (IA), the representative body for the UK’s £5.5 trillion investment management sector, joined as an advisor. He is advising the company on its regulatory authorisation process and product design.
Moneybox, which is a member of the FCA’s Innovation Hub, currently operates in the UK only.