Nude the app helping first-time home buyers edges closer to crowdfunding goal

Nude is the savings and financial advice app which is helping first-time home buyers and it is nearing the goal of its crowdfunding campaign.

The company is raising capital on the Seedrs crowdfunding platform and at the time of writing, it has secured £3.3m. Nude is hoping to raise a total of £3.5m through the sale, but it is not clear whether it will continue to raise capital past this goal.

Investors to the round will receive a convertible which entitles them to a 30% valuation discount during subsequent funding rounds.

So far, there have been 344 investors to contribute to the funding of Nude.

Future Fund, which was designed by the UK government and delivered by the British Business Bank to offer convertible loans to innovative UK companies, also joined the investment. It is not clear how much Future Fund will deploy, but it looks to be just under half of the £3.5m goal.

Glasgow-based Nude previously secured £1.7m in 2019 and a £400,000 grant from Scottish Enterprise.

The FinTech, which is registered with the UK’s FCA to offer account information services, aims to help first-time home buyers.

Its mobile app can show users how long it will take them to buy a house, breaking it down by location, property type and how much they can save. It also offers insights in spending to increase savings and how to get saving boosters such as government support.

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