Crowd invest marketplace Oval Money recently closed its equity crowdfunding campaign on Crowdcube with a total of £788,340 from 1050 investors. The campaign was launched in mid-January and quickly secured its initial £500,000 funding target. After achieving the funds it needed, the company announced it was closing the campaign sooner than originally planned (mid-February).
Oval Money, which was founded in 2016, provides easy to read, readily available information on everyday expenses. The company 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.”
Following the Crowdcube round’s closing, Oval Money co-founder and CEO, Benedetta Arese Lucini shared:
“We want to thank each and every one of our investors for their belief in what Oval Money can achieve. With their backing, Oval Money will continue to make saving and investing easier and more intuitive for our users. Together with our community of 60,000 individuals, we are excited and eager to embark on the next chapter in the Oval Money story.”
Oval Money noted it plans to use the new capital, which represents 13.6% of the company’s total equity, to develop the industry’s first multi-sided marketplace for savings and investments products, creating a truly end-to-end savings solution for its users.
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