Personal finance platform SavR has secured $1m in its seed round of funding.
Capital from the round was supplied by an unnamed ‘high profile’ China-based investor.
The new funds will be used to support the company’s next growth phase which includes boosting its operations across Australia and the US.
Australia-based SavR is a mobile app which connects to a consumer’s bank account and will help to increase their personal savings.
All transactions are monitored by SavR with each payment being rounded up to the nearest dollar. This spare change is then automatically deposited into a dedicated savings account or converted into Bitcoin.
The mobile app, which is available on iOS and Android, aims to help consumers prepare better for financial hurdles like big bills, auto insurance, healthcare or mortgages.
SavR CEO Tim O’Shea said, “We are excited to be entering our next phase of growth, and leveraging the knowledge our investor brings in the Digital marketing and Software space. We have expanded our development Team here in Brisbane, and we have some agressive targets for growth and Innovation here in Australia, and also in the US”.
There have been a number of Australian FinTechs to close investments this year, including Futrli which recently bagged $4m to support innovation efforts.
The company delivers a cloud-based platform which helps small businesses to make decisions to improve operations. A range of tools for reporting, budgeting, cash flow forecasting and predictive modelling, can help SMEs plan for the future, improve cash flow and gain real-time insight on performance.
Last year, Australia’s FinTech space was largely focused towards the payments and remittance space with more than half of the total FinTech funding volume going to that sector. Of the $612.3m to be invested into the country’s FinTech space, 55 per cent went to payments and remittance companies, according to data by FinTech Global.
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