More than 1,000 users invest
Money Dashboard crowdfunds £2 million in 24 hours
Steve Tigar: ‘blown away by response’
Money Dashboard, the personal finance app, raised more than £2 million within 24 hours yesterday after launching Scotland’s biggest fintech crowdfunding exercise privately to its user base.
The Edinburgh-based company, now valued at £21m, smashed its initial target of £1.5m within 45 minutes and over the course of the day saw 1,037 users invest in the business. The cash call on the Crowdcube platform opens to the public today.
Money Dashboard’s management app helps more than 200,000 people handle their finances. The app connects to in excess of 60 financial institutions.
It generates revenue from insightful market research based on anonymised banking data. This gives data clients critical insight into how businesses such as Deliveroo or Uber are performing.
Steve Tigar, CEO, said “We’ve been blown away by the response. Reaching our target within an hour of going live on Crowdcube and securing over £2m investment in under 24 hours is a testament to the excitement in the industry, and amongst our users, about the transformative impact open banking will have in retail banking.
Daily Business revealed sum expected from crowd fund exercise
“The business has never been in a stronger position, which is why we’re so excited to raising on Crowdcube this month. We’re raising funds to support our growth plans, which include increasing the size of our team from 20 to 65 staff, allowing us to reach one million users in five years and growing our revenues exponentially.”
Mark Horrocks, chairman, said: “The last few years have brought an explosion in UK fintech, and the adoption of digital money managers across the space has never been stronger.
“As consumers, personal finance has become a mainstream part of our public conversation and people are now searching in high numbers for ways to be more savvy with their money and improve their financial situation. It’s a really exciting time to be working, and investing, in the financial services space.”