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Money Dashboard Halfway To £1m Crowdfund In 3 Days
Money Dashboard an online and mobile budgeting app that helps you to get the most from your money, launched a Crowdcube campaign over the weekend. The company raised over £500,000 in only 72 hours, as it prepares to become a household name and expand its range of features. The campaign was launched privately to users of Money Dashboard over the weekend, and is now available to the wider public.
Money Dashboard is one of a growing number of ‘personal finance assistants’, digital apps that help consumers manage money. From their base in Edinburgh, they were first to market in 2010 and since then have helped to create the movement, known as ‘Open Banking’, to make these services more accessible for consumers. They recently won the UK’s “Best Personal Finance App” at the British Bank Awards and claim to have 70% market share. The app is free to consumers, and the business generates revenue via commission when helping consumers get better deals and from research into consumer spending behaviours.
Around 32 million adults in the UK regularly bank online, but few reportedly feel in control of their finances. In fact, according to the Money Advice Service, in 2015 19 million reported that they do not have an approach to budgeting that they feel works. Money Dashboard has designed a solution to to address this gap.
It does so by pulling in bank statement data from any account across any UK bank. It then automatically organises the spending data. Armed with this insight, alongside budgeting and forecasting tools, users have a TrueView of their finances, and can make more informed decisions on how to spend their money.
The company generates revenue by creating insightful market research from anonymised bank statement data, for example, by helping hedge funds predict revenue announcements of listed companies. Money Dashboard has gained traction with its target market, and counts some of the world’s most prestigious asset managers as subscribers.
Money Dashboard’s CEO Steve Tigar, said: “The response from our users to our crowdfund has been overwhelmingly positive. The UK is seeing a step change in how people manage their money and we’re convinced that millions of people will be using apps like ours in the near future. And the most exciting thing is that our loyal users share our vision and will help us achieve our growth ambitions.”
The Money Dashboard campaign is still open and can be found on the Crowdcube website.
Money Dashboard is one of the many high profile FinTech companies participating in the 4th annual Financial Technology Conference, which takes place in Edinburgh on the 27th & 28th of September 2017.
