By Aisling Finn on Thursday 21 January 2021
With the help of psychologists, Quirk uses a personality test to determine the spending and saving habits of its users.
New fintech on the block Quirk has scooped £300,000 in pre-seed funding for its unusual personality-based financial advice app.
The round was led by SFC Capital, which has invested in fintechs including the likes of Onfido, now-shuttered Bean, freelancer-friendly pension app Sixty, and also included participation from angel investors.
The fledgeling fintech will use the funding to expand its team and product offering as it gears up to bring its personality-driven financial wellbeing into the mainstream.
Nafeesa Jafferjee, co-founder and chief of product at Quirk, said: “Quirk’s goal is to help young people improve their knowledge and understanding of their money from a new perspective: ‘There is no ‘one size fits all’ answer when it comes to managing your finances.’”
“A lot of young people we talked to felt there was a lot of information out there but it lacked context on their financial situation and advice on what tangible actions they should take.”
Quirk believes it can provide young professionals with better-tailored financial advice by using a personality test to determine how best they can use their hard-earned cash.
With the help of psychologists, Quirk uses behavioural research to deliver bespoke financial advice and insights into customers’ spending habits.
Nikos Melachrinos, co-founder and CEO, added: “With the wealth of data and intelligence now available to people, nobody should be left feeling vulnerable or guilty when it comes to managing their money.”
“Nor should financial services providers profit from vulnerable users by monetising bad decisions or benefiting from a lack of transparency - which remains a key revenue driver for many, despite tighter regulation.”
More than 10,000 people have taken Quirk’s personality test since it launched in April 2020, with more than 1,000 people taking part in its beta testing of the app.
In its beta testing stage, Quirk discovered that men are three times more likely than women to buy expensive products to impress others and those who score highly in the emotional stability category tend to make more money and save less.
There are currently around 5,000 people on the waitlist for the app, with a full launch on both iOS and Android app stores set for March 2021.