Less than a week after securing its initial £1.5 million funding target in under an hour through its latest Crowdcube round, Money Dashboard is now nearing £2.5 million thanks to more than 1700 investors.
As previously reported, Money Dashboard’s app empowers over 100,000 users to make better financial decisions and achieve their financial goals. It was revealed that 32 million adults in the UK regularly bank online, but very few feel in control of their financials. The firm seeks to fill that gap by pulling in bank statement data from any account in the UK and automatically organize the spending data.
“We’ve been helping people master their money since 2010. Today, we proudly serve over 200,000 users who have established us as one of the UK’s leading money management apps. We connect to 60+ financial institutions so users can connect all their accounts in one place to track spend, plan ahead, and achieve their goals.”
Money Dashboard’s app is notably free for consumers and generates revenue from insightful market research based on anonymized banking data. The company reported that this gives its data clients critical insight into how businesses like Deliveroo or Uber are performing.
“We’re already generating over £970k in annual revenue 2018/19 FY(EBITDA -£958,966), but the more users we attract, the more valuable our data business will become (with a market set to be worth $7bn by 2020). And the more data clients we attract the more we can invest in building the best money management app the world has ever seen. It’s a powerful network effect that sets us apart and fuels our growth.”
The funds from the round, which is set to close at the end of June, will be used to continue the growth and expansion of the Money Dashboard platform.
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