Monva, Fintech that is seeking to provide a price comparison marketplace targeting credit cards and loans, and energy switching, has doubled is crowdfunding goal on Crowdcube raising over £450,000.
According to the offering page, Monva enticed 598 investors in its equity offering at a pre-money valuation of £2.6 million. The startup reported 17,000 users in Q4 2020.
The “smart comparison service” uses customer data and artificial intelligence (AI) to personalize the experience and helps users make good decisions while its tech means there are less forms to fill in, making it easier to compare and buy. Monva was created by CEO Steve Wiley and COO Stuart Wakefield, who previously held executive positions at MoneySuperMarket, MBNA and Virgin Money.
Wiley said they are delighted by the response of the Crowdcube investors who believe in their vision to deliver a better, more personalised price comparison experience.
“As a team, we are excited about our technology, which we are continuing to refine and develop, but even more so about the lasting impact Monva will have on users. As we progressively head out of lockdown, the need to manage money, get on top of bills, and address some of the financial challenges that the pandemic has caused for so many people is crucial. We hope through our supporting information and services, Monva helps play a proactive part in people’s financial recovery. Since our last raise in May 2020, Monva has made incredible progress. We have hired several senior specialists; built partnerships with key brands to enable extensive product coverage across credit cards, loans and energy; and built key elements of our innovative technology through our Ai chatbot, online dashboard and foundation automation services. We’re excited about the huge opportunity ahead of us to continue building Monva and developing the next generation of price comparison service for our users.”
Monva currently facilitates the comparison of credit cards and energy with further services to be launched in 2021.
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