The London Stock Exchange has welcomed the first transaction by leading UK fintech Moneybox on its Private Securities Market. The award-winning wealth management platform has completed a £45 million permissioned auction for long-serving employees, valuing the company at c.£800 million (c.US$1.1 billion). Crowdcube, as Registered Auction Agent, exclusively managed the employee selling and investor purchasing process, assisted by Cavendish. Latham & Watkins acted as Moneybox’s legal advisor.
Karen Kerrigan, COO, Moneybox, said: "This transaction marks an important milestone for Moneybox as we celebrate our tenth anniversary. We've built a profitable business that is no longer reliant on raising primary capital to fund growth, which means we can reward the employees who helped build the company while welcoming backing from long-term institutional investors. The Private Securities Market has provided a way to do that using public market infrastructure, while remaining a private company and retaining control over how and when liquidity is provided. We hope this is an important proof point for other high-growth UK businesses considering the opportunities that PISCES can unlock."
Dame Julia Hoggett, CEO, London Stock Exchange plc, said: “We are delighted to be part of Moneybox’s growth journey and to support them as they provide long-serving employees with the opportunity to realise some of the value they have helped Moneybox to create. The Private Securities Market offers innovative options to private companies looking to provide liquidity to their different shareholders, while offering investors further routes to access high-growth private companies. We look forward to seeing more companies utilise the Private Securities Market to support their ambitions.”
The Private Securities Market provides private companies and their shareholders, including employees, with access to intermittent liquidity auctions, leveraging the London Stock Exchange’s public markets infrastructure while remaining a private company and retaining control over trading frequency, investor access, and price formation. The secondary market also provides eligible investors with further opportunities to invest in high-growth private companies. Built on the UK Government’s PISCES framework, existing EMI (Enterprise Management Incentive) and CSOP (Company Share Option Plan) options are permitted to be amended so that they can be exercised and sold on PISCES venues, providing companies utilising the Private Securities Market with further opportunity to attract, incentivise and retain talent and evolve their shareholder base.
Learn more about the Private Securities Market here: The London Stock Exchange’s Private Securities Market
