Former IA chief Daniel Godfrey joins fintech firm

Godfrey Daniel Investment Association 2015

Former Investment Association chief executive Daniel Godfrey has joined the advisory board of savings and investment app Moneybox.

In the role, Godfrey will be advising the technology group on regulatory issues as well as product design.

The fintech firm, which is targeting the so-called millennial generation has raised $3m (£2m) in seed funding from Betfair and Ocado investor Samos Investments.

The funding will be used to expand the group’s core team and for the development of Moneybox ahead of its launch in early 2016.

The app will aim to enable users to round-up their digital ‘spare change’ from everyday card transactions into a stocks and shares ISA, which can be set up in minutes on their mobile phones.

Users will also be able to add one-off or recurring deposits and can customise their portfolio by choosing from a small number of funds.

Godfrey says: “For too long the investment industry has overlooked the younger generation.

“Moneybox … can revolutionise the investment landscape and play a real part in helping people build a better, safer future for themselves”.

Moneybox co-founder Ben Stanway adds: “By enabling users to get started investing with just £1 and making the investment options clear and simple we hope that Moneybox can help more and more people achieve their long-term financial goals.”

Godfrey, who had been at the helm of the Investment Association since 2012, left the trade body in October last year after a number of its biggest members, including Schroders and M&G, threatened to leave the organisation.

It is understood that at the time a number of the Investment Association’s members were unhappy with Godfrey’s initiatives and that he had become too focused on consumers as opposed to the group’s members.