Oval Money, a UK-based automated saving and crowd investing marketplace, has launched an equity crowdfunding campaign on Crowdcube, seeking £500,000. Founded in 2016, Oval stated it provides easy to read, readily available information on everyday expenses. It is backed by private investors including Gruppo Bertoldi, Docomo Digital, and Intesa Sanpaolo.
“By connecting with any bank account or card, Oval can aggregate, categorize and simplify the user-unfriendly confusing information from bank statements. Given every great achievement starts from a beginning, Oval allows users to set a number of steps, personalized pledges that automatically assigns a microtransaction to a spending or behavioural habit.”
Oval Money explained that every week its app automatically uses the steps and creates a saving balance that will be moved weekly into a personal and secure digital wallet.
“The Oval Money app helps users save money and then find the best financial products to help make those savings grow. Oval was created to help bring inclusion, education, and fairness back into personal finance. We aim to empower users to TRACK their full financial history, LEARN to make better spending decisions, SAVE automatically, and crowd INVEST through a marketplace of financial products.”
Funds from the Crowdcube round will be used to support the development of Oval Money’s financial product marketplace, which includes adding additional developers and also regulator expertise to take the next steps following the award of its license from the FCA.
Since its launch, the campaign has successfully secured nearly half its funding target from 175 investors. It is set to close mid-February.
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