Money Dashboard closes £4.6m crowdfund

Personal finance app Money Dashboard has secured £4.6m through a crowdfund.

An initial target for the sale was set at £1.5m; however, the FinTech was able to reach this within just 45 minutes.

The campaign was conducted through CrowdCube and marks the largest FinTech raise on the platform this year. Contributions came from 3,00 individual investors, as well as Scottish Investment Bank and Calculus Capital.

Funds from the round will be used to build out the platform and triple its staff size to 60.

Money Dashboard is a mobile-based personal finance app that currently helps more than 200,000 people improve their financial situation. The app connects to over 70 financial institutions to enable users to manage all their accounts in one location to track spend, plan ahead, and achieve saving goals.

The platform is free-to-use, with the FinTech generating revenue through insightful market research based on anonymised banking data.

Scottish Investment Bank director Kerry Sharp said, “Having supported Money Dashboard from an early stage, it is great to see the business raising the funds required to implement the next stage in its growth.

“The FinTech sector is a key industry in Scotland’s economy and we look forward to continuing to work with the company, both from an investment perspective and through our account management support, to deliver its long-term growth ambitions.”

Last year, the FinTech integrated its services with UK challenger bank Monzo. The company made its services available to the current account users of Monzo, giving them the power for a real-time view of their transactions, balances, and savings.

Copyright © 2019 FinTech Global

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