Squirrel, a personal finance app designed to help users have more control over their money, announced this week that it now processes £1 million a month. The company reported that it processed its 10 million last week.
“This month we processed £1 million a month! What does that mean? It means going forwards Squirrel customers will pay at least £1million of new deposits into Squirrel each month! We’re also excited to hit this milestone this month ahead of 2018. As January is typically a month where lots more people start using Squirrel (due to New Year Resolutions, and having overspent at Christmas etc…), so we’re hoping for another large uplift next month.”
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. Squirrel was incubated at TechStars and has raised $1.1 million from seed investors and a grant. The company also claims it has won numerous awards and is backed by VC/angel investors including the founder of Funding circle.
“Squirrel is a Barclays Techstars company on a mission to stop people running out of money, and make achieving financial goals easy. While banks continue to make spending easier and offer overdrafts and credit to monetize, Squirrel makes it harder to spend money when you don’t need to, and makes money through subscription – helping customers stick to a budget and build savings!”
Squrriel is currently seeking £400,000 through its equity crowdfunding campaign on Crowdcube. Funds from the initiative will be used to continue the expansion of Squirrels platform. Since its launch, the initiative has secured more than £280,000 from over 375 investors. It is set to close on December 15th.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!