Edinburgh-based Money Dashboard is a money management app used by over 200,000 people. The app connects to over 70 financial institutions so users can manage all their accounts in one place to track spend, plan ahead, and achieve their goals. The startup has now raised €5 million on CrowdCube, after reaching its initial target of £1.5 million in under 45 minutes. The new funds will be used to build out the market leading personal finance app and triple the company’s Edinburgh-based team from 20 to 60 staff.
“We’re absolutely thrilled to have secured this latest round of funding, particularly with the backing of over 3000 people who share our vision,” said Steve Tigar, CEO. “We are now equipped and ready to help people from every walk of life master their money.”
Launched in 2010, Money Dashboard won the 2018 British Bank award for best personal finance app. The app gives consumers the TrueView of their financial position by consolidating all their current accounts, credit cards, and savings accounts from over 70 financial institutions, and allocating each bank transaction into a distinct expenditure category, thereby automatically organizing an individual’s finances for them.
Money Dashboard keeps the app free for consumers by generating revenue from market research based on anonymised banking data. This gives data clients critical insight into how businesses like Deliveroo or Uber are performing.
“Money Dashboard’s vision to help people better manage their money has once again resonated with many of our investors,” said Luke Lang, co-founder of Crowdcube. “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.”
“Having supported Money Dashboard from an early stage, it is great to see the business raising the funds required to implement the next stage in its growth,” added Kerry Sharp, Director of the Scottish Investment Bank. “The fintech sector is a key industry in Scotland’s economy and we look forward to continuing to work with the company, both from an investment perspective and through our account management support, to deliver its long-term growth ambitions.”
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