Mobile Budgeting app Money Dashboard has raised over £1m through crowdfunding in a drive to expand their Edinburgh-based team. After launching their crowdfunding appeal through CrowdCube in July, they successfully raised over 50% of their target in just 72 hours, and met their final goal in just over three weeks.
The investment will be used to fund the expansion of their team ahead of Open Banking legislation taking effect in January 2018.
CEO Steve Tigar told DIGIT: “We’re thrilled that so many people have decided to invest in our next phase of growth. It’s fantastic to have such strong support from our growing community of users.
“With Open Banking just around the corner, we’re now overfunding with a view to growing even faster.”
The ‘personal finance assistant’ app is designed to help you get the most from your money by pulling in bank statement data from any bank in the UK, and automatically organising the spending data. Armed with this insight, alongside budgeting and forecasting tools, customers have a TrueView of their finances, and are able to make better decisions on how to spend their money.
32m adults in the UK regularly bank online, but few reportedly feel in control of their finances. According to the Money Advice Service in 2015, 19m users report that they do not have an approach to budgeting that they feel works. Money Dashboard is hoping to address this gap.
First released in Edinburgh in 2010, Money Dashboard has helped to create a culture of Open Banking, encouraging financial services to be openly available to consumers. They recently won the 2017 British Bank Award for the best personal finance app, and claim to have 70% market share.
Join DIGIT for the 4th annual Financial Technology Conference in Edinburgh on the 27th and 28th of September 2017. Delegates from the financial services and FinTech sectors can register and attend free of charge.