Personal finance platform Emma Technologies has closed a £420,000 round of funding round led by Kima Ventures and Aglaè Ventures.
Emma, which is available on iOS and Android, is a banking app for millennials which helps consumers to avoid overdrafts, find and cancel their subscriptions, track debt and save money. The app claims to save users up to £600 a year by solving these issues.
UK-based Emma aims to make money management simple and accessible through the push of a button. All data is TLS 256-bit encrypted on the solution, which also implements bank-level security with read-only access ensures no customer login details is ever stored on Emma.
The company received an FCA approval at the end of last year, and after a successful beta, it launched its services with full compliance of PSD2.
Shortly after gaining this license, Emma integrated its services with UK challenger bank Monzo. Through the partnership, Monzo hopes to provide its customers with more visibility and control over their money and access new tools to better manage their finance.
Emma Technologies CEO and Co-founder Edoardo Moreni said, “We started Emma with the aim to democratise the figure of the private wealth manager. In an age where a new financial product comes to the market every week, consumers are destined to get lost in a financial chaos.
“We believe they deserve a financial advocate with the goal of driving them through the difficult financial challenges that life presents. This round is the first step to fully achieve our mission.â€
Last month, fellow personal finance app SigFig closed its Series E round, bagging $50m from investors including General Atlantic, Bain Capital Ventures, DCM Ventures, and Eaton Vance, among others.
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