Moneybox renews with GoCardless to power seamless payments in savings and investments
Last editedOct 20242 min read
New agreement includes GoCardless’ ‘Same Day Settlement’ feature to help savers reach their financial goals more quickly
LONDON, 8 October 2024 -- Savings and investing platform Moneybox has renewed its relationship with bank payment company GoCardless, building on an eight-year partnership.
Moneybox launched in 2016 with GoCardless as its preferred payment method, enabling customers to transfer money into its wide range of savings and investment products. Today, more than 92% of Moneybox’s payment transaction volumes go through GoCardless.
The renewal will see Moneybox continue to rely on GoCardless for Direct Debit in addition to adding Same Day Settlement, a feature will shorten the time it takes for their customers to get funds onto the platform, helping them save, invest, and earn more quickly.
Kaley Addo, Head of Investment Operations at Moneybox, said: “Moneybox has experienced a period of exponential growth in recent years with Assets Under Administration rocketing to more than £7bn and GoCardless has been a valued partner throughout.
“Helping people build and embed positive saving and investing behaviours earlier in life has been at the heart of our business since day one. GoCardless’ Direct Debit capabilities have made it so easy for our customers to make regular contributions toward their financial goals - in a way they trust and can rely on.
“As the team looks towards integrating Same Day Settlement we will enable unparalleled convenience and seamless money transfer with the added advantage that customers will see their money credited to their Moneybox products on the same day that it leaves their bank account.”
Pat Phelan, MD of UK & Ireland and Chief Customer Officer at GoCardless, said: “We’re proud to have supported Moneybox from its inception, scaling with the team to serve more than one million customers today. Bank payments like Direct Debit are perfect for savings and investment use cases and now, with the introduction of Same Day Settlement, we can help our merchants get their customers’ money to the right place, faster.
“We’re also keen to bring other innovations to the market. For example, we’re investing a lot of time and energy talking to banks and regulators about how we can unlock the full potential of open banking. Variable recurring payments (VRPs), in particular, could have a transformative effect on the savings and investment space. Ultimately, our goal is to help the likes of Moneybox deliver the best, most intuitive and secure payment experience to their customers so that everyone can make the most of their money.”
Notes to Editors
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About GoCardless
GoCardless is a global bank payment company. We help nearly 100,000 businesses, from start-ups to household names, collect both recurring and one-off payments, without the chasing, stress or expensive fees. Each year GoCardless processes more than US$35 billion of payments across 30+ countries. We are headquartered in the UK, with additional offices in Australia, France, Latvia, the United States and Ireland. For more information, please visit www.gocardless.com and follow us on Twitter @GoCardless.
© 2024 GoCardless Ltd. All Rights Reserved. GoCardless is a registered trademark of GoCardless Ltd in multiple countries. Third party trademarks mentioned above are owned by their respective companies. Unless explicitly identified as such, nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of GoCardless Ltd. or any aspect of this press release
About Moneybox
Moneybox is the award-winning app on a mission to help people build wealth with confidence so they can enjoy life, today and tomorrow. Launched in 2016 by co-founders Ben Stanway and Charlie Mortimer, the company has experienced rapid growth, and today has over £7bn in assets and a community of more than 1 million customers. Moneybox provides a range of great value products and services, across saving, investing, home-buying, and retirement as well as helpful tools and educational content, to help people manage and achieve their short, mid, and longer-term financial goals. Moneybox enables customers to set money aside in the way that suits them best using round-ups, regular deposits, or instant payments. In March 2022 Moneybox raised £35m in a Series D funding round, led by Fidelity International Strategic Ventures, existing investors Oxford Capital, CNP, Burda and Breega, plus new investor Polar Capital. This brings total funds raised by the digital wealth manager to £100+ million.
