Investment platform prepares for potential initial public offering (IPO).
Rewritten Article:
Moneybox Takes a Leap Toward Potential IPO with New Hire
Preparing for a splash, fintech giant Moneybox is making moves to bolster its boardroom, hinting at a possible future as a public company. The latest addition to their team is Melissa Birge, a seasoned financial executive, serving as an independent non-executive director.
Birge, known for her impressive tenure as the former CFO of Kayak, where she guided the company through its IPO and a staggering $2.1bn acquisition by The Priceline Group, is now onboard.
When questioned about the possible IPO by City AM, Moneybox was coy, confirming no immediate plans but stopping short of nixing the idea altogether.
The fintech space is abuzz with whispers about Monzo, which is reportedly close to enlisting investment bankers for a high-profile public listing estimated to be worth over £6bn[1]. Furthermore, City calls to cap the tax-free amount held in cash for ISA have prompted Chancellor Rachel Reeves to plan a review of the ISA market in the coming weeks[2].
Joining Birge on the board are fellow non-executive directors Alokik Advani, Jeremy Marsden, and Ben Marrel. Moneybox states that Birge's appointment will help to guide the company through its next phase of growth.
"I'm always drawn to a phenomenal team, and the team at Moneybox is exceptional," Birge shared. "With my background in internet-based consumer brands, I was drawn to Moneybox due to its robust brand, a cherished product, and a focus on sustainable expansion."
Moneybox Valuation Surges Amid Profit Boost
Moneybox is an all-encompassing wealth management app offering saving, investing, home-buying, and retirement solutions. The platform boasts over one million UK customers and manages assets worth over £15bn[1].
Ben Stanway, co-founder and chair of Moneybox, expressed his excitement about Birge's appointment, stating, "Melissa's experience navigating consumer companies through growth and transformation will be invaluable as we progress into our next phase. Her expertise in governance and sustainable growth will be crucial to our continued success. We're thrilled to welcome her to the board."
The appointment was made after Moneybox's valuation increased to £550m at the end of 2024, marking a steep 84% jump from its valuation in a March 2022 Series D funding round. This surge came following a £70m investment from new backers Apis Global Growth Fund III and French asset manager, Amundi[1].
For its year ending May 31, 2024, Moneybox achieved an impressive annual pre-tax profit of £26.5m, a stark contrast from the £4.1m loss reported the previous year. Revenue saw a significant leap, totaling £77.2m compared to the earlier figure of £28.7m[1].
Other notable investors for Moneybox include Fidelity International Strategic Ventures, Oxford Capital, Breega, Burda, and CNP.
[1] Source: Moneybox Press Release, October 2024[2] Source: The Sunday Telegraph, January 2024
- Melissa Birge's appointment as an independent non-executive director at Moneybox represents a significant step in the company's potential future financing through an IPO, as her expertise in guiding companies through public listings could prove beneficial.
- With Birge's appointment and the surge in Moneybox's valuation to £550m, the fintech company's focus on sustainable expansion in investing and finance sectors becomes even more evident.