The startup initially planned to raise £1.5 million but beat that initial target within 45 minutes of the page going live on crowdfunding platform Crowdcube.
Launched in 2010, the free app connects to more than 60 financial institutions allowing users to manage all their accounts in one place. The company claims to have over 200,000 customers and plans to reach one million users within five years.
Chief executive Steve Tigar said he has been “blown away” by the response to the crowdfunding round.
“Reaching our target within an hour of going live on Crowdcube and securing over £2 million investment in under 24 hours is a testament to the excitement in the industry, and amongst our users, about the transformative impact Open Banking will have in retail banking,” he added.
“The business has never been in a stronger position, which is why we’re so excited to raising on Crowdcube this month.”
The funding will support Money Dashboard’s growth plans, including growing its staff headcount from 20 to 65.