Squirrel, a personal finance app designed to help users have more control over their money, has successfully secured its initial £400,000 funding target from 450 investors through its equity crowdfunding campaign on Crowdcube.
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. The app was incubated at TechStars and raised $1.1 million from seed investors and a grant. Squirrel also claims it has won numerous awards and is backed by VC/angel investors including the founder of Funding circle.
“Squirrel is a Barclays-held account that splits your salary up into bills, savings, and a weekly allowance. You can rest assured knowing your bills are paid, your savings are automatically kept on track, and you always have spending money every week.”
While speaking about the campaign’s success, the Squirrel team stated:
“People love Squirrel and it genuinely changes their lives. Our mission next year is to scale our unique product along with its rave reviews. We will have 1 million Brits on board by 2020, experiencing the life changing benefits of Squirrel while changing their financial lives for the better. Overfunding is something we’re open to as it will provide us with more resources for the challenge ahead! However, we are yet to confirm how much we plan to overfund by. For now if you are considering an investment and would rather not miss out, we’d advise to do so at your earliest opportunity.”
Funds from the initiative will be used to continue the expansion of Squirrels platform. The Squirrel team also noted that the extra funds will go towards helping them become more resilient and more likely to succeed in signing up 1 million paid users by 2020. The campaign is currently set to close at the end of December.
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