Moneybox, a UK-based savings and micro-investment app, has raised £14m capital in Series B funding round led by venture capital firm Eight Roads.

The funding round was also joined by Oxford Capital Partners and Samos Investments. The total amount raised by Moneybox now stands at £21.3m.

Moneybox intends to use the funds to build team and provide an improved customer experience by offering new products and content.

Moneybox co-founder Ben Stanway said: “The traditional wealth management industry is geared to those who already have wealth – a concept that is alien to many young people.

“It creates huge barriers – including impenetrable jargon – for those who want to start saving and investing. We are determined to break that mould and make investing clear, simple and easy to achieve.”

Moneybox allows its customers save through a mixture of card transaction round ups, weekly deposits, payday boosts and one-offs.

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By GlobalData

Since launch in August 2015, Moneybox has been used by over 100,000 users, with the average customers investing £20 per week.