With its Crowdcube campaign set to close this Monday, crowd invest marketplace Oval Money has raised nearly £700,000 and has attracted more than 875 investors through the funding round. The company launched the campaign less than two weeks ago, quickly secured its initial £500,000 funding target and announcing it was closing the campaign sooner than originally planned. Founded n 2016, Oval Money notably 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 stated 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.”
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.
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