Upside Saving moves past its crowdfunding target to reach £325,431

Upside Saving, which helps people to make savings through cashback, has raised £325,431 in a crowdfunding campaign which has exceeded its target.

The funding, which is being raised on the Seedrs platform, still has another seven days left. There have been 264 investors to back the fundraise and a total of 6.96% of the company’s equity has been distributed to backers.

An initial target for the fundraise was put at £300,000, with a pre-money valuation of £4.3m.

The FinTech helps users earn cashback when shopping at popular brands. The company cites a study from Natwest which claims consumers are wasting around £5bn each year on unused direct debits, standing orders and recurring payments.

Upside Saving leverages an algorithm that works out how much the consumer can save when spending and all cashback is automatically collected.

Seedrs and Crowdcube recently announced they will be merging together. Together, the two companies have helped over £2bn be deployed into fundraises on their platforms. They have helped more than 1,500 companies secure investment, including Brewdog, Revolut and Perkbox.

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