monva, a UK-based intelligent comparison platform for financial products and services, has successfully secured its initial £250,000 equity crowdfunding target on Crowdcube. The funding round, which was launched last month, has attracted more than 370 Crowdcube investors.
As previously reported, monva was founded in 2018 with a mission to “reimagine” how everyone compares and buys products and services by removing the “friction” involved in buying financial services and utility products, using customer’s data for good, and automating mundane tasks. The company will use the data to help with the following:
- Personalize ongoing offers through your account dashboard and mobile app
- Intelligently update your financial offers, helping you to be proactive by enabling faster switching using the data you have already provided
- Automatically complete credit card searches in just 10 seconds
While sharing more details about the company’s products, the monva team stated:
“We’re initially targeting the Credit Card market, followed by Loans, Energy, and Communications, which already represent a potential £3billion opportunity. monva wants to reimagine financial comparison for regular users of these services and the 80% of UK Adults that have either never switched a product or switched only once.”
Also speaking about the campaign’s success, Steve Wiley CEO of monva, stated:
“Despite the challenging economic climate, we’re proud to announce we have exceeded our initial crowdfunding target, showing the strength of the service monva has to offer, and the enthusiasm for something different to challenge the sector.”
monva is using the Crowdcube to attract funds in order to build out its “Mo” platform, as well as develop strategic partnerships and make key hires in tech and marketing. The company is now offering 12.22% in equity at a £2,247,112 pre-money valuation. monva’s Crowdcube campaign will close in mid-May.
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