The London-based fintech start-up will use the funding to expand its product offering.
Oval Money, the FCA-authorised automated savings platform, will use the funds to launch a feature within the platform that will allow people to invest their money in the industry’s first multi-sided marketplace for savings and investments products.
More than 60% of funds raised (£800,000) was generated through a crowdfunding round on the Crowdcube platform.
The company’s initial goal of £500,000 was achieved in less than 72 hours, making it one of the most successful raises on the platform.
The award-winning company attracted more than 1,000 investors during the crowdfund, with 35% of those already using of the app.
It then managed to complete the round with investments from high profile industry figures.
The company is now supported by many entrepreneurs that can drive its success forward, such as Fabio Cannavale, CEO of Lastminute.com and Mauro Del Rio, founder of Buongiorno, which is part of the DOCOMO Digital Group.
Benedetta Arese Lucini, co-founder of Oval Money, said: “Once again, we’re overwhelmed by the support Oval Money has received.
“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.”
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