Personal finance software maker Money Dashboard has pocketed £2.5 million in its latest fundraising round as it seeks to roll out more services over the coming months.
The cash injection, led by private equity fund manager Calculus Capital, takes the total amount raised by the Edinburgh-based company over the past 12 months to £5.2m.
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Money Dashboard’s app, launched in 2010, allows customers to bring together all their different banking and credit card accounts into a single view, and the fundraising comes amid increasing interest in so-called online aggregators.
The Financial Conduct Authority (FCA) last week said it was looking at ways to make it easier for aggregators to help consumers view and manage their accounts with different providers in one place, as part of the City regulator’s review in the UK’s £700 billion cash savings market.
The watchdog said: “This would enable those consumers who value convenience in access and manage their accounts online to choose between a wider range of providers that may offer products that better suit their needs, as it would make it more convenient to manage savings and other products with multiple providers.”
Over the last two years Money Dashboard has seen its user base expand by more than 300 per cent and now has £10bn of transactions on its platform.
Founder and chief executive Gavin Littlejohn said: “We have grown rapidly over the last few months, as more and more people experience how easily they can take control of their finances when and wherever it suits them – whether that’s while sitting in front of the TV or on the bus to work.
“This latest round of funding reflects the huge potential of the business and we are really excited about expanding our services and reach over the coming months.”
As well as raising funds from existing backer Calculus, Money Dashboard has secured the backing of Ariadne Capital, Par Equity and the Scottish Investment Bank (SIB), and its latest move adds to an initial Calculus-led £2.7m investment made in November 2013.
Calculus investment director Richard Moore said: “Money Dashboard is in a unique position to tap into the growing desire of consumers to more easily take control of their finances. It has a strong vision of how the market will continue to develop and we believe in that vision.”
The new money will be used to enhance the company’s mobile app and introduce more features to help consumers manage their budgets. It is also working with branding agency Zag in a bid to reach a wider audience. Zag is a shareholder in the firm.
In April, Money Dashboard was among 20 small British businesses chosen to take part in an initiative launched by the London Stock Exchange and Imperial College Business School. The programme, called Elite, will see growing firms get specialist business education and advice in areas such as strategic planning, raising finance and investor relations.
Kerry Sharp, head of the SIB, said: “Money Dashboard is a great example of an ambitious forward-thinking company, which continues to develop and grow. Its app and website are breaking new ground in personal finance and we look forward to continuing working with them as they expand their market base and realise their long-term growth ambition.”