What is a “secondary” transaction?
A secondary share sale means existing company shares are being sold by current shareholders to new investors. In this case the opportunity was offered to long-standing employees, and the secondary transaction took place on the London Stock Exchange’s Private Securities Market (PSM) on Wednesday 22 July. It was facilitated through the Private Intermittent Securities and Capital Exchange System (PISCES) framework. Moneybox did not raise new capital, and no new shares were issued to investors.
Why did Moneybox hold a secondary share sale?
Over the past decade, Moneybox has evolved from a savings and investing app for beginners into one of the UK’s leading digital wealth management platforms, helping more than 1.9 million people save, invest, buy a home, and prepare for retirement with confidence. We’ve helped more than 200,000 customers save for their first home, with a customer using a Moneybox Lifetime ISA to complete a home purchase every 10 minutes during 2025, reunited customers with more than £800 million in lost pension pots, supported hundreds of thousands of people to invest for the future, and paid more than £500 million in interest to cash savers during 2025 alone. Customers are entrusting Moneybox with more of their wealth than ever before – assets under administration have almost doubled over the past 18 months to more than £23 billion, while average assets per customer have increased by over 35%, demonstrating the strength of the proposition and deeper customer relationships.
Looking ahead, Moneybox is leading the next generation of wealth management through AI-powered financial guidance and, in time, advice – helping make high-quality financial support accessible to millions of people.
In 2025, Moneybox exceeded £115 million in annual revenue for the first time, delivered its third consecutive year of profitability, and generated £6.4 billion of net inflows. As we approach our tenth anniversary, we believe now is the right moment to recognise and reward the employees who have been part of that journey since the early years.
This transaction was designed to give our longest-standing employee shareholders the opportunity to realise some of the value they have helped create, as the company has grown into one of the UK’s fastest-growing and most successful wealth management platforms.
What is the Private Securities Market (PSM)?
The Private Securities Market (PSM) is a trading platform established by the London Stock Exchange Group (LSEG) for existing shares in private companies. It operates under the UK PISCES legislation, which is designed to boost liquidity for companies that remain private for extended periods before a major liquidity event, such as an IPO or company sale.
What is “PISCES”?
The Private Intermittent Securities and Capital Exchange System (PISCES) is a new FCA-approved framework that lets shareholders in private companies trade shares during scheduled trading windows as if the company was public for a short period. PISCES provides a regulated, well-governed framework for private companies to facilitate secondary share transactions. For Moneybox, it provides an efficient way to deliver liquidity for long-standing employee shareholders while maintaining appropriate control over buyers, sellers and pricing. In recent years, we’ve worked closely with HM Treasury, the FCA and the London Stock Exchange on the development of PISCES and are pleased to be among the early companies using the framework.
Who participated?
This transaction was designed for our longest-standing employee shareholders – those who joined in the early years of the business and have played a significant role in driving its growth.
Why weren’t Crowdcube or Reward shareholders included?
This transaction was for long-tenured employee shareholders only and the structure was not one that could be extended to retail or reward shareholders under the same terms. However, following our 2024 secondary transaction we remain committed to exploring a follow on sale opportunity for a broader set of shareholders within the next year, subject to market conditions and business performance.
Does Moneybox have plans for another liquidity event in the near future?
Creating opportunities for further shareholder liquidity remains an important objective as the business continues to grow. Subject to market conditions and business performance, we hope to offer a further liquidity opportunity within the next year.
What valuation was used, and how was it determined?
The transaction valued Moneybox at £800 million – an increase of around 45% since our 2024 secondary transaction. The valuation was determined by institutional investors based on their assessment of Moneybox’s current performance, future growth prospects and technological advantage.
Who was the buyer?
Investors in this transaction are confirmed as Apis Partners, who made a follow-on investment after first investing as part of the 2024 secondary transaction, and Salica Investments. Apis Partners and Salica Investments sit alongside existing institutional investors, including Fidelity International, 7RIDGE, Oxford Capital, Breega, Burda and CNP. The transaction demonstrates continued institutional confidence in Moneybox’s business performance, long-term growth strategy and future opportunities.
Did this transaction affect my shareholding?
No. This is a secondary transaction involving existing shares only. It does not change the number of shares you own, and no new shares are being issued to investors. This secondary transaction valued Moneybox at £800 million – an increase of around 45% since our 2024 secondary transaction.
This transaction is for long-tenured employee shareholders only and the structure isn’t one that can be extended to retail or reward shareholders under the same terms. As noted in our earlier communications, we are committed to exploring a follow-on opportunity for our Crowd and Reward shareholders, subject to market conditions and business performance. The share price would be updated at this time, being the point at which Crowd and Reward Shareholders would be able to participate in a sale.
Did the secondary transaction impact Moneybox’s financial position?
As this was a secondary transaction involving existing shares, it had no direct impact on Moneybox’s financial position or cash balance.
Does this signal anything about the company’s plans for an IPO?
No – this transaction was about recognising long-standing employees. We continue to focus on building a long-term, sustainable business. While an IPO remains one potential option in the future, no decisions have been made and there are no immediate plans to list the company.
Who approved this, and what governance process was followed?
The transaction was approved by Moneybox’s Board of Directors and was conducted through PISCES, an FCA-approved and regulated framework. The use of a fixed-price mechanism and pre-approved buyer and seller list ensured appropriate oversight throughout.
Will the details of this transaction be shared with all shareholders?
Yes – a full summary will be shared in the next shareholder update email.
How much was made available in the transaction?
The secondary share sale made £45 million of shares available, with the transaction now successfully completed.