Swedish bill splitting app Steven exceeds crowdfunding target

Bill splitting app Steven has closed its crowdfunding campaign above its initial target of €600,000.

The company raised €752,960 via Crowdcube, with 496 investors deploying funds into Steven.

Its round was a convertible, which means it will convert at a 20% discount to a new financing round or on the sale of the company with a valuation cap of €15m. Otherwise conversion will happen at a valuation of €9m.

Steven tracks costs shared between friends and family, and on a mission to become the number one solution for controlling personal finances in Sweden. It claims to have 165,000 users, with over 100,000 expenses shared in the app each month.

The company’s goal is to reach over 250,000 users by the end of the year and to expand into new markets.

To support its growth, Steven recently launched a new card in collaboration with Mastercard. Anything that is purchased with the card is automatically added to the app, reducing the number of steps to add an expense.

The FinTech company recently signed a partnership with embedded FinTech firm Minna Technologies. Through the deal, Steven users will be able to identify and manage their subscription-based costs, with the ability to cancel and manage recurring expenses through the app.

Earlier in the year, fellow Swedish FinTech company Lassie scored €11m in its Series A funding round. The company claims to be the first insurance platform that rewards policyholders for giving pets the conditions for a healthy life.

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