Bolton-backed robo-adviser sees losses double

Former Fidelity star manager has backed Moneybox since launch in 2016

A robo-adviser backed by former Fidelity star manager Anthony Bolton has seen its losses nearly double within a year.

Moneybox unveiled a £3.1m loss in its results for the 12 months to the end of May, up from the £1.8m it posted for 2017.

Its higher losses come despite the fact that revenues grew substantially over the period, from £46,665 to £556,393.

Moneybox counts ex-Fidelity manager Bolton (pictured) among its chief investors.

Bolton, who rose to prominence at the helm of the Fidelity Special Situations fund, has been an investor in the robo proposition since it was launched back in August 2016, Portfolio Adviser understands.

He has previously declined to disclose how much money he has tied up with the company.

At launch, the robo-adviser attracted £3.6m in funding from private equity firms, as well as UK corporates Betfair and Ocado.

In June, Fidelity International chipped in £14m via its Eight Roads venture capital division to help the robo group accelerate its growth plans.

In its results, Moneybox co-founder Ben Stanway said the group has plans to increase the number of employees across all departments within the next financial year.

Stanway sits on the board alongside former Investment Association chairman Daniel Godfrey.

Moneybox added about 70,000 new clients in 2017.

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