Just days after launching its equity crowdfunding campaign on Crowdcube, UK-based automated saving and crowd investing marketplace Oval Money successfully secured its initial £500,000 thanks to more than 450 investors. As previously reported, Oval Money was founded in 2016 and provides easy to read, readily available information on everyday expenses. The company reported:
“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 reported that each 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.”
Prior to launching the campaign, Oval has been backed by private investors Gruppo Bertoldi, Docomo Digital, and Intesa Sanapolo. Funds from the Crowdcube round will be used to support the development of the platform’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. The initaitve is set to close at the end of February.
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