Edinburgh-based Money Dashboard, an online and mobile budgeting app that helps you to get the most from your money, has launched a Crowdcube funding campaign, raising over £500,000 from users within 75 hours.
The company plans to raise £1,000,000 as it prepares to become a household name and expand its range of features. The campaign was launched privately to users of Money Dashboard for its opening 3 days, 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.
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.”