Edinburgh-headquartered fintech Money Dashboard has secured more than £2 million from crowdfunding in less than 24-hours.
The company surpassed its initial target funding of £1.5 million within 45 minutes and, over the course of the day, saw more than 1,000 users invest in the business. As of today, the crowdfund is open to the public.
Investors are able to invest via the crowdfunding platform, Crowdcube, to secure equity shares in the Scottish fintech, which is valued at more than £21 million. This latest fundraising success comes 18 months after its last round on Crowdcube, which saw Money Dashboard raise £1.4 million.
Launched in 2010, Money Dashboard’s money management app aims to help more than 200,000 people tighten up their finances. The app connects to more than 60 financial institutions, offering users a central platform from which to manage their accounts, track spending and plan ahead.
Steve Tigar, CEO at Money Dashboard, said he has been “blown away” by the news and underlined the “transformative” impact Open Banking will have in retail banking.
“Reaching our target within an hour of going live on Crowdcube and securing over £2 million investment in under 24 hours is testament to the excitement in the industry, and among our users, about the transformative impact Open Banking will have in retail banking,” he said.
“The business has never been in a stronger position, which is why we’re so excited to be raising on Crowdcube this month. We’re raising funds to support our growth plans, which include increasing the size of our team from 20 to 65 staff, allowing us to reach one million users in five years and growing our revenues exponentially,” Tigar added.
Mark Horrocks, chairman of Money Dashboard, commented: “The last few years have brought an explosion in UK FinTech, and the adoption of digital money managers across the space has never been stronger.
“As consumers, personal finance has become a mainstream part of our public conversation and people are now searching in high numbers for ways to be more savvy with their money and improve their financial situation. It’s a really exciting time to be working, and investing, in the financial services space.”