Announced today, automated savings app Oval Money has raised £1.3m in a fresh funding round using a mixture of crowdfunding and investment from high profile industry figures.
More than 60 per cent of the funds raised was generated through a round on UK equity crowdfunding platform Crowdcube, surpassing its initial goal of £500k in less than 72 hours. It attracted more than 1,000 investors during the crowdfund, 35 per cent of whom were already users of the Oval Money app.
“Once again, we’re overwhelmed by the support Oval Money has received,” said co-founder Benedetta Arese Lucini, a former CEO of Uber Italy.
“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.”
The round was completed with a further £500k commitment from various industry entrepreneurs, including Lastminute.com CEO Fabio Cannavale and Mauro Del Rio, founder of Buongiorno.
As a banking app, Oval Money combines expense tracking, saving and investing into one platform, in addition to community features where users can share tips and suggestions with one another. According to figures released back in February, Oval has attracted more than 46,000 users across the UK and Italy. The platform said at the time that its users are saving an average of £130 per month, growing at 18 per cent per week.