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Oxford Capital portfolio company Moneybox has completed a £45 million permissioned auction on the London Stock Exchange’s Private Securities Market, valuing the business at approximately £800 million, equivalent to around US$1.1 billion.
The transaction, which represents the first completed Private Securities Market transaction by a leading UK fintech, values Moneybox approximately 45% above its 2024 secondary transaction and marks another significant milestone in its growth journey.
The transaction was completed through the London Stock Exchange’s Private Securities Market using the PISCES framework. Crowdcube acted as Registered Auction Agent and exclusively managed the employee selling and investor purchasing process, assisted by Cavendish. Latham & Watkins acted as Moneybox’s legal adviser.
No new shares were issued and the company did not receive new capital. Instead, the transaction gave eligible long-serving employees the opportunity to realise part of the value they have helped create, while welcoming backing from long-term institutional investors.
Backing Moneybox since 2016
Oxford Capital first invested in Moneybox in 2016, leading its seed round with an initial £1.2 million investment.
At the time, Moneybox was pre-revenue, with a clear ambition: to make saving and investing more accessible. We have continued to support the company through each of its major funding rounds, including its Series A, B, C and D financings, as well as previous secondary transactions.
This approach has allowed Oxford Capital funds and clients to participate in the company’s growth over time. At the new valuation, our initial investment is valued at up to 25 times its original cost.
Moneybox reflects a core part of Oxford Capital’s strategy: investing early, then continuing to back the businesses that demonstrate the potential to build lasting, category-leading companies.
Building a leading UK wealth platform
Nearly ten years after launch, Moneybox supports more than 1.9 million people across the UK.
Its impact includes helping over 200,000 customers buy their first home, reuniting customers with more than £800 million in lost pension pots and paying £500 million in interest to cash savers over the past year.
The business is profitable and continues to grow, showing what can be achieved when a strong product, a clear customer need and an experienced team come together over the long term.
Recognising the team behind the growth
The completed secondary share sale was open to eligible long-tenured employee shareholders. It gave members of the team who joined during Moneybox’s earlier years an opportunity to realise part of the value created during the company’s growth.
The London Stock Exchange’s Private Securities Market enables private companies and their shareholders, including employees, to access intermittent liquidity auctions using public market infrastructure, while allowing the company to remain private and retain control over trading frequency, investor access and price formation.
Moneybox has said it will consider a further opportunity for a wider group of shareholders within the next year, subject to business performance and market conditions.
Karen Kerrigan, COO of Moneybox, said the transaction marked an important milestone as Moneybox celebrates its tenth anniversary, noting that the company has built a profitable business that is no longer reliant on raising primary capital to fund growth.
Dame Julia Hoggett, CEO of London Stock Exchange plc, said the Private Securities Market offers innovative options to private companies looking to provide liquidity to shareholders, while offering investors further routes to access high-growth private companies.
“We are proud to have backed Moneybox from its earliest days and through every stage of its development.
“The company is a strong example of the value of long-term early-stage investment. We started with a relatively small investment, then continued to support the business as it developed its product, expanded its customer base and built a leading position in the UK market.
“Moneybox now supports more than 1.9 million people across the UK and has helped over 200,000 customers buy their first home. For Oxford Capital clients who participated in our earliest investment, the value of their holding has increased to as much as 25 times its original cost.”
David Mott, Founder Partner at Oxford Capital
Congratulations to the Moneybox team on this milestone.