Oval Money, the personal finance and automatic savings app, has raised £1.3m in funding to expand its range of products after celebrating one year since its launch.
The London-based fintech start-up raised £800,000 on crowdfunding platform Crowdcube and received a further £500,000 from investors including Lastminute.com CEO Fabio Cannavale.
The app uses machine learning and the ‘wisdom of the crowd’ to automatically track a user’s spending and enables them to automatically save set amounts of money each time they make a purchase.
Oval Money was founded by Benedetta Arese Lucini, the former chief executive of Uber Italy, along with crowdfunding platform Starteed.com co-founders Claudio Bedino and Edoardo Benedetto and Simone Marzola, an expert in machine learning and artificial intelligence (AI), who is now its chief technology officer.
“Once again, we’re overwhelmed by the support Oval Money has received. Not only because it illustrates true value in our product, but because it has allowed us to focus on the next chapter in the platform’s development, allowing us truly to democratise saving and investment, and help tackle the poor savings culture that has become endemic within Europe and the UK.”
In a blog post celebrating the app’s launch exactly one year ago, Oval Money announced plans to launch an investment platform that will “give users a new way to create value from their savings by accessing a personalised set of financial products”.
The feature will be rolled out to a few users over the coming months, before being made widely available to all users.