Edinburgh based fintech firm Money Dashboard recently made an announcement revealing its plans to triple its staff to support marketing the app to a wider customer base and also to help develop and support their app. To this extent, the firm recently initiated a crowdfunding campaign via which it has managed to raise a capital of 4.6 Million GBP. As per reports from the firm, this is so far the biggest fintech related funding campaign launched by Crowdcube platform this year.
The firm reached its initial target of 1.5 Million GBP in just forty-five minutes since the campaign was initiated and the project went on to raise a total of 3.6 Million GBP from 3300 contributors. The firm also managed to acquire additional investment from its existing backers Calculus Capital and Scottish Investment bank bringing the overall funding to nearly 4.6 Million GBP. Money Dashboard was established in 2010 and was launched as a personal financial assistant app which connects around 70 financial institutions into a single platform.
The app which is free to use for clients, allows the users to integrate all their accounts be it current or savings accounts, credit cards and loan accounts, etc., from any banks or financial institutions from their list of 70 members firm into a single platform. The firm revealed that it is able to provide its clients with free service as it generates its revenue from market research done based on anonymous banking data. This data from such analysis provides clients who deal with data a critical insight into how businesses such as Uber and Deliveroo are performing (i.e., financial behavioral trends). The firm currently serves more than 200000 customers and has plans to increase its client base to one million users by 2024. It should also be noted that the firm was in news recently over its partnership with Coinbase which allows clients who use cryptocurrency to see and manage their cryptocurrency holdings along with their normal bank accounts under a single platform.
As a part of the firms plans to work towards increasing its customer base and also to improve their app further, they are planning to increase their staff count from current 20 employees to a total of 60 employees. Speaking on this fundraising event, Steve Tigar, Chief Executive Officer of Money Dashboard commented, “We are absolutely thrilled to have secured this latest round of funding, particularly with the backing of over 3,000 people who share our vision. We are now equipped and ready to help people from every walk of life master their money”.
Speaking on the same note, Kerry Sharp, Director of Scottish Investment bank commented, “Having supported Money Dashboard from an early stage, it is great to see the business raising the funds required to implement the next stage in its growth. The fintech sector is a key industry in Scotland’s economy and we look forward to continuing to work with the company, both from an investment perspective and through our account management support, to deliver its long-term growth ambitions”.
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