Personality test-based personal finance app Quirk closes pre-seed round

Quirk, which leverages a personality test to offer tailored financial advice for young professionals, has bagged £300,000 in pre-seed funding.

The capital was supplied by SFC Capital and unnamed angel investors.

With this burst of funding, the company will grow its team, expand its product offering and bolster its offering.

The FinTech’s mobile app uses a personality test that is based on well-accepted psychological principles such as the “big five” personality traits. It uses the results of the test to deliver personalised advice.

For example, the company claims men are three-times more likely than women to enjoy buying expensive products to impress others and people that score high in neuroticism/emotionality tend to make more money, but will also save less.

With the help from expert psychologists, Quirk uses the behavioural research to help customers get tips and insights around the spending habits and how to save money.

The mobile-based finance app lets users connect their different bank accounts, track subscriptions and set spending goals.

Quirk co-founder and CEO Nikos Melachrinos said, “With the wealth of data and intelligence now available to people, nobody should be left feeling vulnerable or guilty when it comes to managing their money. Nor should financial services providers profit from vulnerable users by monetising bad decisions or benefiting from a lack of transparency – which remains a key revenue driver for many, despite tighter regulation.

“In these uncertain economic times, it has been even easier to encounter sudden financial difficulties, so having a better understanding of your money and personal finance is more important than ever.”

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