Moneybox, the smartphone app aimed at getting millennials investing, has launched its service for Android phones, which can be downloaded on Google’s Play Store.
The company launched its app on the iOS platform back in August, and is following that up with Android.
Its premise is simple: simplify investing to make it more appealing to millennials. Once you link your bank account to the app you can choose what sort of investor you want to be: cautious, balanced or adventurous – the risk increasing depending on your boldness. The funds come from one-off deposits, direct debit or the automatic round-up feature which tracks what you spend in everyday life and invests the difference to the nearest pound into the app. According to Moneybox, the average app user saves £8.40 a week, or £440 a year.
— moneybox (@moneyboxteam) December 20, 2016
Following the launch on Android, the company is also working on diversifying its services. In the New Year it is planning to roll out a separate, complementary app aimed at parents who want to start saving for their children. They will be able to invest their spare change in the Junior ISA app.
Ben Stanway, co-founder of Moneybox said “We’re very excited to launch our Android app and offer a new audience the chance to start investing with Moneybox. We hope that over the coming months we will continue to demystify investing for tens of thousands of people.”
A further £2.5m is expected to be raised from crowdfunding on Tuesday.
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