Less than two years after securing £626,310 through its Crowdcube funding round, European automated saving and crowd investing marketplace Oval Money launched an equity crowdfunding campaign on Seedrs and has quickly secured its initial £1 million funding target.
As previously reported, Oval Money provides easy to read, readily available information on everyday expenses. The marketplace explained 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.”
Users may now select one or more of Oval’s services and integrate these with their existing banks and cards:
- Oval Coach: Provides tailor-made financial missions, promoting good financial habits.
- Oval Future: Helps users set aside savings and invest in their future through our marketplace of financial products, automatically and on a recurring basis.
- Oval Activities: Keeps track of every financial activity across any card and account, linked to the app in open banking. It analyses transactions to help users better understand and then manage their spending habits.
- Oval Pay: Currently launched only in Italy, is the only current account in Europe that we believe allows users to automatically save and invest in their future while they spend.
Oval Money further explained that it “speaks” to a generation of digital natives with busy lives and many dreams, but low financial education.
“As an independent distribution platform, we aim to cater for this generation, 25 to 35 year old young adults, by facilitating access to a wide range of products, streamlining complex onboarding processes, and providing a transparent overview of their money. We believe that access to financial products shouldn’t be closed to be just for the wealthy few.”
Funds from the Seedrs round will be used for the following:
- Expanding the Oval platform from Italy and the UK as major markets to a number of other southern European markets, starting from Spain, thus spending on new key hires and marketing campaigns.
- Grow product offering in the Oval Future section
Oval Money went on to add:
“We aim for this to include the ability to access early stage investments through Seedrs as a new asset class for our investors. Other fixed rate products that our users have loved in the past are in our pipeline, as well as many more investment opportunities from exciting new partners.”
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