Squirrel, a personal finance app designed to help users have more control over their money, has successfully completed its SyndicateRoom funding round with £585,000 in funds. The company launched the initiative in January seeking £400,000.
As previously reported, Squirrel is an FCA-authorised business that issues users with a bank account and provides an application to create a budget. The app allocates income, expenditures, and savings before the user gets access to their money, ensuring the money needed to cover essentials, such as rent and bills, is set aside. In the UK, it is estimated that 21% of people are li ving off their overdraft within the first week of being paid. Squirrel was incubated at TechStars and has raised $1.1 million from seed investors and a grant.
At the time of the SyndicateRoom campaign’s launch, Mutaz Qubbaj, CEO and founder, Squirrel, stated:
“Engaging online investors in a fundraise has been a route that we’ve been considering for some time. However, it was crucial to reach a point where we could demonstrate our success and track record, so we could make it a solid opportunity. It’s been an incredible journey for the business so far, and we’re excited to welcome investors to join us from this point.”
Following the initiative’s closing, Qubbaj shared:
“We’re positioning Squirrel as the financial hub through which individuals can set a plan that covers every part of their financial lives – from recurring commitments through to savings and spending money.”
Chairman and co-founder, Emanuel Andjelic, added:
“We’re extremely excited about our recent success in the public sector and charitable space, helping local authorities and housing associations improve the financial capability of tenants. We’ll be using some of the money raised to bolster this division and drive continued growth.”
Squirrel plans to use the proceeds from the SyndicateRoom round to expand its platform’s capability and service a broader demographic.
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