Moneybox has secured £14m in funding as it aims to develop new products and help the next generation to become wealthy, which its founders believe is a “concept that is alien” to young people.

The UK micro-investing app, which allows individuals to put small amounts of money into funds, will use the capital to expand its team and further develop its smartphone products.

Eight Roads, a global investment house, led the round of Series B funding, with Moneybox’s existing investors Oxford Capital Partners and Samos Investments also contributing. This brings the total amount of money raised by the fintech start-up to £21.3m.

Provided users have online banking, a national insurance number and £1 to get started, they can set up a stocks and shares Isa within minutes on their smartphone with Moneybox.