Moneybox achieves unicorn status on London's newly launched Pisces market.

      Moneybox has become Europe’s newest unicorn, valued at £800 million, or $1.1 billion. However, it was not through a fundraising event that this valuation was established. Instead, it was staff members who created this price by selling shares on London’s newly introduced private market.

      The British savings and investment app Moneybox is now officially a unicorn with a self-imposed valuation of approximately £800 million, or $1.1 billion, as first reported by the Financial Times. This figure marks a significant milestone, but the method of achieving it is more intriguing.

      This is not a traditional funding round. Rather, long-term employees will be selling up to £45 million worth of shares, which will determine the valuation. This transaction takes place on the new Private Securities Market of the London Stock Exchange.

      Understanding Pisces

      The market operates under a government framework called Pisces, which stands for the Private Intermittent Securities and Capital Exchange System. This system allows private companies to open temporary, permissioned trading windows. It enables staff and early investors to cash out without the expenses and disclosure involved in a full IPO.

      The sale by Moneybox is being conducted through Crowdcube at a fixed price, as reported by Tech Funding News. Employees will sell their shares first, followed by an auction on the market later in July. Access to this market is by invitation only, and Moneybox holds control over who can purchase shares.

      A notable achievement in EU tech

      This development is seen as a significant moment. Co-founder and executive chair Ben Stanway stated in the company announcement, “PISCES represents an important innovation for UK capital markets, and we are proud to be among the first companies demonstrating how it can support the next generation of ambitious private businesses.”

      Valuation uncertainties

      However, there is an important caveat. Typically, a unicorn valuation is determined by external investors participating in a competitive round. In Moneybox’s case, the valuation arises from an employee sale on a market characterized by limited trading and a lack of historical pricing.

      There has been no evaluation to determine if this price would hold up in a true fundraising scenario. This raises a valid question for every company utilizing Pisces, not exclusively for Moneybox.

      Nonetheless, the fundamentals of the business are solid. Established in 2016 by Ben Stanway and Charlie Mortimer, Moneybox now has over 1.9 million customers and manages assets exceeding £23 billion. It reported revenues surpassing £115 million in 2025 and has enjoyed three consecutive years of profit. The £800 million valuation reflects a 45% increase from its previous assessment, which was set in October 2024.

      London’s challenge to retain its top talent

      The broader narrative revolves around London’s efforts to prove itself. For years, leading tech companies in Britain have expressed concerns that remaining private confines employees and early investors. Going public often leads to a limited domestic market or a shift to New York. Pisces aims to be the middle ground by offering liquidity locally.

      Moneybox is not alone in exploring this avenue. The autonomous vehicle firm Wayve conducted an $85 million tender at an $8.5 billion valuation. Other companies like Revolut are also eyeing secondary offerings at a $115 billion valuation, along with OakNorth. Klarna and Monzo remain in a similar position, large and private, with their investors in anticipation.

      The pivotal question for London is whether Pisces will emerge as a genuine alternative to going public or simply serve as a means to postpone an IPO. Moneybox is among the first companies whose results will play a critical role in answering this question.