Personal finance app The Beans nets $2m in its funding round

The Beans, which helps middle-income workers build financial plans, has netted $2m in a funding round led by Precursor Ventures.

Commitments also came from Relay Ventures, One Planet VC, Swing Ventures, Oxford Angel Fund and a group of notable angel investors.

The FinTech’s goal is to help middle-income workers in the US improve their financial success through a platform which automates financial planning and keeps members on track through proactive behavioural nudges.

Its mobile app, which is available on iOS devices, provides users with a personalised cash flow plan that meets the person’s needs.

The Beans CEO and founder Melissa Pancoast “I’m thrilled to announce our funding, which enables us to double down on our mission to simplify the path to financial success.

“So far, personal finance solutions have somehow made people feel worse about their choices — or lack thereof — rather than better, and they’ve also fought against our brain’s natural wiring. The Beans works because we take a different approach, we focus on how people think and feel about their money, because how we think and feel drives our behaviour. I’m excited to put this capital to work to reach many more people.”

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