Moneybox raises £35m to enter the crypto industry

Asset-management firm Moneybox has raised £35m (~$45.8m) in a Series D funding round. The funds will help the firm expand its activities and launch cryptocurrency services.

Moneybox co-founder Ben Stanway told AltFi that the company plans to grow its client base, expand its ETF offering, and roll out services for investing in digital assets.

“We intend to expand into [cryptocurrencies] through portfolio diversification rather than speculation,” he said.

These plans are at an early stage of development. They will first introduce the ability to invest in Bitcoin and, likely, one or two other tokens, Stanway said.

As an example of diversification, he cited owning a couple of percent of the portfolio allocated to cryptocurrency.

The funding in the round was provided by Fidelity Investments’ venture unit, alongside Polar Capital and a number of former investors.

Moneybox is approaching £3 billion in assets under management from around 800,000 customers. According to Stanway, the firm expects to hit these figures in the next couple of weeks.

Earlier in March, the Danish fintech startup Lunar announced the launch of a cryptocurrency trading platform, alongside a €70m raise.