Moneybox reaches unicorn status on London’s new Pisces market.

      Moneybox has become Europe’s newest unicorn, valued at £800m, or $1.1bn. This valuation was determined not through a fundraising round, but rather through the sale of shares by its employees in London’s nascent private market.

      The British savings and investment app Moneybox is now officially a unicorn, having established its valuation at approximately £800m, or $1.1bn, as reported first by the Financial Times. This figure marks a significant milestone, but the process behind achieving it is even more noteworthy.

      This isn't a traditional funding round. Instead, long-standing employees are selling up to £45m worth of shares, which in turn sets the valuation. This activity takes place on the London Stock Exchange's new Private Securities Market.

      How Pisces operates

      The market is based on a government framework known as Pisces, the Private Intermittent Securities and Capital Exchange System. This allows private companies to initiate occasional, authorized trading windows. Employees and early investors can liquidate their investments without the expenses and disclosures related to a full IPO.

      The Moneybox sale is facilitated through Crowdcube at a predetermined price, as reported by Tech Funding News. Employees will sell their shares first, followed by an auction scheduled later in July. Access to this market is by invitation only, with Moneybox determining who can participate.

      The company's announcement framed this moment as groundbreaking. “PISCES signifies a vital innovation for UK capital markets,” said co-founder and executive chair Ben Stanway. “We take pride in being one of the first companies showcasing how it can support the next generation of ambitious private enterprises.”

      A valuation with considerations

      However, there is an important caveat. Typically, a unicorn valuation is established through competitive bids from outside investors during a funding round. In this case, the valuation stems from an employee sale within a market that has minimal trading and no established public price history.

      It remains uncertain if this valuation would withstand scrutiny during a genuine fundraising effort, a valid concern for all companies utilizing Pisces, not exclusively Moneybox.

      Nonetheless, the underlying business is legitimate. Founded in 2016 by Ben Stanway and Charlie Mortimer, Moneybox currently serves over 1.9 million customers and manages more than £23bn in assets. The company reported over £115m in revenue for 2025, marking its third consecutive profitable year. The £800m valuation reflects an increase of approximately 45% since its last valuation in October 2024.

      London’s strategy to retain its successful companies

      The broader narrative is what London aims to demonstrate. For years, leading tech firms in Britain have voiced concerns that remaining private hampers employees and early backers. Going public presents challenges due to a limited domestic market or the risk of relocation to New York. Pisces attempts to address this by providing liquidity locally.

      Moneybox is not the first to experiment with this. The self-driving company Wayve conducted an $85m tender at a valuation of $8.5bn. The exchange has also approached companies like Revolut, which is contemplating a secondary round at a $115bn valuation, as well as OakNorth. Klarna and Monzo find themselves in a similar situation, remaining large and private while their investors await action.

      The pivotal question for London is whether Pisces will serve as a genuine alternative to going public or merely postpone the IPO process. Moneybox stands as one of the initial companies whose performance will help answer this question.