Steven, an App Tracking Costs Shared between Friends, Raises €680,390 via Crowdcube

Steven, which keeps track of costs shared between friends and family, and are on a mission be the “number 1 solution” for controlling your personal finances in Sweden and in their target markets, has secured 114% (€685,470) of its €600,000 target (at the time of writing) from 245 investors via Crowdcube (with 11 days left in the sale).

As noted in the update, there’s an option where “rather than investing and immediately receiving shares, in this round payments will be transferred directly to the company and shares issued at a future date.”

As explained by the firm, the convertible “allows a company to raise funds without having to agree a valuation.”

Steven has been designed to keeps track of costs shared between people, and are on a mission to become a viable solution for controlling your personal finances in Sweden and other  key markets.

Having grown “organically” to over 165k users in 3.5 years, you can “invest alongside top Swedish investors such as the CEO of Klarna, the fintech focused VC, NFT and the former finance minister.”

Here are the business highlights:

  • Over 165k users, mainly from organic growth, with an increasing rate
  • Over 100.000 expenses shared in the app every month
  • New payment card: designed to make the journey from purchase > settling up seamless.
  • Possible to connect with 15.000+ banks across Europe

As clarified in the update, this round “is a convertible.”

It will “convert at a 20% discount to a new financing round or on the sale of the company with a valuation cap of €15m.”

Otherwise conversion “will happen at a valuation of €9m at the longstop date.”

As mentioned in the update:

“Let Steven figure out how to split and organize all the shared expenses created during shared experiences. We call that the boring side of fun.”

The company also mentioned

“Doing things we love with people we love is what it’s all about. But settling the expenses afterwards can easily get awkward. Steven is the finance wiz at your fingertips who removes the hassle of sorting out group payments.”

They added:

“And our finances gets more and more intertwined with other people. To monitor our personal balance, we must also keep track of shared expenses and Steven solves just that.”

In contrast to most financial players, who gain users via marketing, Steven “has reached 165,000+ users in Sweden across 3.5 years almost exclusively organically, showing an actual demand.”

In 2022 the speed of growth “has increased, and we’re on a mission to be 250,000+ users at the end of 2022, and plan to expand to further markets.”

Currently, users “share over 100,000 expenses in Steven per month.”

It can “be expenses for travelling, household expenses and everything in between.”

To make it easier than ever to add expenses, Steven “has just launched a card in co-op with Mastercard.”

Anything you buy with the card is “automatically added to the app, reducing the number of steps needed to add an expense.”

The card “increases the stickiness even further and is also Steven’s first step to monetize the userbase.”

With expense sharing, connected bank accounts, and now a payment card, Steven “is striving to be the platform where users can completely control their finances, instantly.”


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