Float, a UK-based financial wellness provider, quickly surpassed its initial £512,500 funding target through its recently launched Seedrs campaign. The funding round has already attracted more than 20 Seedrs investors. Founded in 2018, Float describes itself as a socially responsible financial wellness company offering salary advances, financial planning, credit union loans, and savings/investments to employees, the “lifeblood for any business.
“Float allows employees to take a portion of their wages as they earn them. A range of other services then help employees with long-term financial wellness. We do this through an employee benefit mobile app, that costs nothing to the businesses who implement it, is simple and instantaneous to set up, and does not interfere with payroll. The other financial wellness services live within the app help to create behavioural change and turn borrowers into savers. We aim to be the market leader in holistic financial wellness.”
Float noted it generates revenue by harnessing the power of employment and open banking data to drive better purchasing power for users.
“The employer is the entry point for data on an individual’s earnings and regulatory compliance. Open banking provides the data on an individual’s spending, lifestyle, and behaviour. By combining the two, Float is able to provide tailored recommendations for best in class financial wellness solutions.”
Funds from the Seedrs campaign will be used to continue the development and expansion of the Float platform. The company is now offering a 20% discount through the initiative, which is set to close at the beginning of December.
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