Money Dashboard secures £2m-plus in 24-hour crowdfund
Edinburgh-based fintech firm Money Dashboard launched a crowdfund yesterday, privately to its user base, which saw more than £2m invested in less than 24 hours.
The company reached its initial target funding of £1.5m within 45 minutes and over the course of the day 1037 users invested in the business. The crowdfund was opened to the public today.
Its money management app connects to more than 60 financial institutions so users can manage all their accounts in one place to “track spend, plan ahead, and achieve their goals”.
Money Dashboard keeps the app free for consumers by generating revenue from “insightful market research based on anonymised banking data”. This gives data clients critical insight into how businesses like Deliveroo or Uber are performing.
Mark Horrocks, chairman of Money Dashboard, 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.”
Steve Tigar, chief executive, added: “We’ve been blown away by the response. Reaching our target within an hour of going live on Crowdcube and securing over £2million 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.
“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. We can’t wait to welcome more of the Crowdcube community into our own, and continue building on our success.”
Why innovation and marketing are the perfect partners to make changes that matter￼
With the rapid evolution of traditional marketing and the appearance of digital marketing, technology and innovation has become part of any marketer’s life without the need of working for a…
Transitioning to a four-day week – CEO’s vow to strike a healthier balance in the workplace
I came to Scotland nearly 20 years ago from Ireland, with no contacts but a lot of determination. While Ireland will always be my home, Scotland has given me amazing…
Women Lead: The female-led company championing intuitive working
Over the last two years, the pandemic forced a shift to more remote and flexible working practices. Whilst we might be seeing a “return to normal”, some companies are choosing…
Women Lead: My passion for young people to consider a career in digital
Twenty years ago, I stumbled across my career in digital marketing almost by accident. It was during my honours degree in marketing at Glasgow Caledonian University. I was on work…
Women Lead: Inclusive Silicon Valley cohort gives hope to entrepreneurs from diverse backgrounds
Things are happening on the Scottish tech scene. Big and small initiatives are creating a fantastic ripple effect on the sector, bottom up and top down, thanks to the recommendations…
Women Lead: The story of an entrepreneurial scientist
I first arrived in Scotland over 20 years ago. I had £75 in my wallet and a scholarship offer to do a PhD at the University of Edinburgh. Sometimes I…
Please mind the gap… or healthcare may fall
Imagine sharing a lengthy train journey with others. From beginning to end, imagine how often you might hear ‘mind the gap’ messages about embarking and disembarking safely. Picture how navigating…
Women Lead: My journey from Dragons’ Den to Silicon Valley
Following her appearance on Dragons’ Den, Sheila Hogan, serial entrepreneur, founder and chief executive of digital legacy vault, Biscuit Tin, shares her experience of her time in the Den and…