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 is being offered to long-standing employees, and the secondary transaction is taking place on the London Stock Exchange’s Private Securities Market (PSM) on Wednesday 22 July. It will be facilitated through the Private Intermittent Securities and Capital Exchange System (PISCES) framework. Moneybox is not raising new capital, and no new shares are being issued to investors.
Why is Moneybox holding a secondary share sale now?
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 is 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 can participate?
This transaction is 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 aren’t Crowdcube or Reward shareholders included?
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. 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 has been used, and how was it determined?
The transaction values Moneybox at £800 million – an increase of around 45% since our 2024 secondary transaction. Our valuation is determined by institutional investors based on their assessment of Moneybox’s current performance, future growth prospects and technological advantage.
Who is the buyer?
The buyers will be institutional investors that will have the opportunity to purchase shares on the London Stock Exchange’s Private Securities Market. Details of participating investors will be announced once the transaction has completed.
Does 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. If you hold Moneybox shares as a customer, you’ll be able to see the updated share price reflected in the app once the transaction completes.
How does the secondary transaction impact Moneybox’s financial position?
As this is a secondary transaction involving existing shares, it will have 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 is 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 is being conducted through PISCES, an FCA-approved and regulated framework. The use of a fixed-price mechanism and pre-approved buyer and seller list ensures appropriate oversight throughout.
Will the details of this transaction be shared with all shareholders?
Yes. Once the transaction has completed, a full summary will be shared in the next shareholder update email.
How much is being made available in the transaction?
The secondary share sale will make up to £45 million of shares available for transaction.