Emma, a UK-based fintech startup, announced on Thursday it secured $2.5 million through its latest round of funding, which was led by Connect Ventures.
As previously reported, Emma has created a banking app specifically for millennials (iOS and Android), which is described as a mobile-only solution that helps consumers avoid overdrafts, find and cancel subscriptions, track debt and save money. The company also claimed that its app may save customers up to £600 a year by solving these four problems.
“We believe people deserve a private wealth manager that only serves their interests and is able to improve their finances. Open Banking will enable Emma to disrupt the personal finance industry and help consumers save more money.”
Speaking about the investment round, Edorado Moreni, CEO and Co-Founder of Emma, stated:
“We started Emma with no money in a bank account or a place to live in London. The legend narrates we had to sleep on a gym’s floor for 5 months before closing our first funding round of $700k in 2018. In the past two years, we have been able to attract 200,000+ people who believed an app like Emma should be their day to day money management tool. This has happened across two continents and three countries.”
Moreni then noted that the investment will allow Emma to double its team and bring one million people to its platform as well as build more features. He then added:
“I want to use this opportunity to thank not only the people who have invested in us, but also those early adopters who helped testing, building and shipping the first versions of Emma. In 2020, we’ll make Emma the financial therapist we have always needed and I am so glad we are all part of this!”