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.”