Finotta, which claims to be the fastest-growing player within mobile banking personalisation, has scored $3m in seed funding.
The round was led by several unnamed strategic investors based in the US.
With the burst of funds, the FinTech company hopes to reach more than 200,000 users by spring 2022. As part of this effort, Finotta plans to enhance the customer and user experience and grow the size of the team.
Finotta was built to help mobile banking applications increase revenue, engagement and financial wellness through personalisation capabilities. Its predictive software determines the financial journey of a retail customer, supports them through their journey and finds banking solutions that can save them money, increase their net worth and improve their financial health.
It takes a user-first approach to product development, powered by direct user feedback, to provide consumers with tools they want.
Finotta CEO Parker Graham said, “Mobile banking technology has fallen behind the times when it comes to customer expectations. And the current players in the space are not solving the problem correctly.
“We have applied the same type of personalization technology customers are used to experiencing in their social media apps and embedded it in the mobile banking experience. This implementation means a bank can service any type of customer that uses their app in a completely personalized and scalable way, regardless of their financial journey.”
It has been a strong week for WealthTech companies. Chip, a digital savings account, raised £11.5m in a crowdfunding campaign on Crowdcube – so popular it crashed their servers. Impressively, the WealthTech company managed to raise £1m in ten minutes.
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