Moneybox, the app launched to demystify savings and investment, has bagged £14 million in funding to grow its London-based team and launch new products.

The series B round was led by Alibaba backer Eight Roads, with existing backers Oxford Capital Partners and Samos Investments also participating. The fresh injection brings the total funding raised by the company to £21.3 million.

Moneybox claims to be used by over 100,000 people since it launched two years ago.

The app lets users save through a combination of card transaction round ups, weekly deposits, payday boosts and one-offs. For investments, customers can choose from three starting options - cautious, balanced and adventurous - which invest in tracker funds run by Vanguard, Henderson and BlackRock.  

"The traditional wealth management industry is geared to those who already have wealth - a concept that is alien to many young people," said co-founder Ben Stanway.

"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."

Cyrus Jilla, president of Eight Roads, added: "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."

Reports suggest that Moneybox plans to expand its London-based team from 30 to 60.