Robo-adviser Moneybox has secured £14m in funding from a series of investors including venture capitalists Eight Roads.
The funding will be used to grow the company's team and improve the customer experience, through new products and content.
Existing investors Oxford Capital and Samos Investments also increased their stake in the business.
Moneybox allows people to start investing from just £1 and allows them to invest their spare change when they make purchases.
Ben Stanway, co-founder of Moneybox, said: "The traditional wealth management industry is geared to those who already have wealth – a concept that is alien to many young people. It creates huge barriers – including impenetrable jargon – for those who want to start saving and investing.
"We are determined to break that mould and make investing clear, simple and easy to achieve. We are delighted that this new funding round will help us to further develop our service and empower many more customers to achieve their financial goals."
The latest funding round means Moneybox has secured a total of £21.3m in investment since it launched in 2015.
Since then it has also been used by more than 100,000 people to start investing, with the average customer investing £20 a week through a combination of round ups, weekly deposits and one-off contributions.
Cyrus Jilla, president of Eight Roads, said: "Moneybox demystifies savings and investments with a simple, engaging and intuitive product that fits seamlessly into the everyday lives of its users.
"Eight Roads’ looks forward to using its global network and financial services expertise to support Moneybox over the long-term, as it continues to grow its loyal customer base, expand its proposition and build out its team."
Eight Roads is the proprietary investment arm of Fidelity International Ltd.
damian.fantato@ft.com
