The fintech has closed what it describes as this year’s biggest fintech raise on crowdfunding platform Crowdcube, receiving pledges from 3,300 investors as it aims to drive commercialisation of its app.
The company reached its initial target of £1.5m in under 45 minutes before closing the fundraising drive at just over £3.6m, including investment from existing backer Calculus Capital. In addition, Scottish Investment Bank has committed to follow-on investment which brings the total funding round to £4.6m.
The fresh cash injection will be used to develop the personal finance app and triple the company’s Edinburgh-based team from 20 to 60 staff. It comes as a further boost to the capital’s burgeoning fintech scene.
Money Dashboard connects to more than 70 financial institutions, including challenger banks Monzo and Starling, to help app users monitor their spending and track financial goals.
In May the fintech rolled out a new service for cryptocurrency users, integrating with digital currency exchange Coinbase to allow consumers to see their cryptocurrency holdings alongside their day-to-day banking accounts.
Money Dashboard chief executive Steve Tigar said: “We’re absolutely thrilled to have secured this latest round of funding, particularly with the backing of over 3,000 people who share our vision. We are now equipped and ready to help people from every walk of life master their money.”
Luke Lang, co-founder of Crowdcube, said: “Money Dashboard’s vision to help people better manage their money has once again resonated with many of our investors.
“It’s fantastic to see an innovative business connect their community, fuel their growth and take those investors, in this case, on their journey to create a fairer financial landscape.”
Money Dashboard, which was launched in 2010 by Gavin Littlejohn currently serves more than 200,000 customers. It has previously unveiled an ambitious five-year plan to reach one million users by 2024.
The service is free to use as the business generates revenues from market research based on anonymised banking data.
Kerry Sharp, director of Scottish Investment Bank, the investment arm of Scottish Enterprise, added: “Having supported Money Dashboard from an early stage, it is great to see the business raising the funds required to implement the next stage in its growth.
“The fintech sector is a key industry in Scotland’s economy and we look forward to continuing to work with the company, both from an investment perspective and through our account management support, to deliver its long-term growth ambitions.”