Money Dashboard has secured £4.6 million in funding as it prepares to expand and make its personal finance app available “to the masses”. The fintech startup raised the investment through an equity crowdfunding campaign on Crowdcube and from existing backers Calculus Capital and Scottish Investment Bank.
Launched in 2010 and based in Edinburgh, the free app connects to more than 70 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.
Money Dashboard chief executive Steve Tigar said:
“We’re absolutely thrilled to have secured this latest round of funding, particularly with the backing of over 3,000 people who share our vision. We are now equipped and ready to help people from every walk of life master their money.”
Luke Lang, co-founder of Crowdcube, added:
“Money Dashboard’s vision to help people better manage their money has once again resonated with many of our investors.
“It’s fantastic to see an innovative business connect their community, fuel their growth and take those investors, in this case, on their journey to create a fairer financial landscape.”
Money Dashboard set out an initial target of £1.5 million, which it reached in under 45 minutes before eventually closing the fundraising bid at just over £3.6 million. Scottish Investment Bank has committed to follow-on investment which brings the total funding round to £4.6 million.
The fresh cash injection will be used to develop the personal finance app and triple the company’s Edinburgh-based team from 20 to 60 staff.