Folio, a new savings app for the smartphone generation, has launched an equity crowdfunding campaign on Crowdcube and is seeking to raise £320,000 as it prepares to expand and bolster its marketing strategy.
Founded in 2015, Folio has 4,000 users with approximately £180,000 saved. It previously raised funds from investors, which includes Kapital Bank. The app allows users to create customizable saving goals. Users remain in full control of funds being transferred from banking accounts to Folio’s saving accounts by being able to pause, delete, and withdraw their savings at any time. Sharing more details about the app, Marvyn Halfon, co-founder and CEO of Folio stated:
“Today, almost every savings app on the market wants to remove the saver from the savings process. That’s a dangerous approach. We put savers in control, we help them understand how they should save and we work with them to achieve their ambitions. It’s this unique approach that engages our users, and is why we can boast a huge 70% retention rate after thirty days. Now, through our crowd funding campaign, our dedicated users and the wider investment community have the chance to be a part of the company that’s building a society of savvy savers.”
The Folio team also noted:
“Having validated that there is good demand for Folio, we’re now raising a round of capital to increase our capabilities, grow our team, and reach positive unit economics before ramping up user acquisition on both the iOS and Android platforms. Our Android app is currently in Private Beta and we expect to launch this publically in July 2017.”
Since its launch, the campaign has secured more than £100,000. It is set to close at the end of July.
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