Personal finance platform Oval Money has netted £1.3m in a funding round made up of equity and crowdfunding contributions.
The company raised £800,000 through its crowdfunding round on Crowdcube, surpassing its initial £500,000 target within 72 hours. Its campaign received contributions from over 1,000 investors, of which, 35 per cent are already using the app. This crowdfund was raised at a pre-money valuation of £5m.
Oval Money raised the rest of the round from commitments by ‘high profile industry figures’. Some of the entrepreneurs to back the company include Lastminute.com CEO Fabio Cannavale and Buongiorno founder Mauro Del Rio.
London-based Oval Money helps consumers to track spending, become educated on spending habits, save money and make crowd investments through a financial product marketplace. The company targets young adults that are aged between 18 and 44 years old and have a median monthly income of £1,600.
Oval has already hit 50,000 users and helps to make an average monthly savings of £110 per user, according to the company.
With the new batch of capital, Oval Money will look to launch a new feature for its platform that will enable people to invest their money.
Oval Money co-founder Benedetta Arese Lucini said, “Once again, we’re overwhelmed by the support Oval Money has received. Not only because it illustrates true value in our product, but because it has allowed us to focus on the next chapter in the platform’s development, allowing us truly to democratise saving and investment, and help tackle the poor savings culture that has become endemic within Europe and the UK.”
Last year, Oval Money collected €1.2m in a funding round from Italian banking group Gruppo Intesa SanPaolo.
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