Money Dashboard, the personal finance app based in Edinburgh, has raised more than £2 million on the opening day of its latest crowdfunding drive.
The fintech exceeded its crowdfunder target of £1.5m in under 45 minutes, as it seeks finance to support its growth plans and more than triple the size of its team to 65 staff.
Around 1,000 of the app’s users contributed a total of £2m on the first day of the Crowdcube funding round, which is now open to the public.
The money management app connects to more than 60 financial institutions, allowing users to manage all of their accounts in one place, and is free to use as the business generates revenue from market research based on anonymised banking data.
The fintech, which was launched in 2010 by Gavin Littlejohn, has a five-year plan to reach one million users in the next five years. It has raised more than £10m in equity financing to date.
Chief executive Steve Tigar said: “We’ve been blown away by the response. Reaching our target within an hour of going live on Crowdcube and securing over £2m investment in under 24 hours is a testament to the excitement in the industry, and amongst our users, about the transformative impact Open Banking will have in retail banking.
“We’re raising funds to support our growth plans, which include increasing the size of our team from 20 to 65 staff, allowing us to reach one million users in five years and growing our revenues exponentially.”