The Edinburgh-based firm, which launched its online service in 2010 with the aim of helping people keep control of their finances, said it was continuing to attract further funding following its successful crowdfunding campaign.
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Money Dashboard, founded by Gavin Littlejohn, attracted investment from more than 1,300 investors in just over three weeks of campaigning on Crowdcube, which became the first equity crowdfunding platform when it launched in 2011.
The cash injection will be used to fund the expansion of Money Dashboard’s team at Edinburgh’s CodeBase technology incubator ahead of “open banking” legislation taking effect in January.
Open banking will enable consumers and small firms to share their data securely with other banks and with third parties, allowing them to compare products and manage their accounts without having to use their own bank.
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Money Dashboard was crowned best personal finance app 2017 at the British Bank Awards and chief executive Steve Tigar said that more than half of the investors involved in the campaign were users of its app, which is free of charge to customers. The firm generates revenue via commission when helping consumers get better deals and from research into their spending behaviours.
Tigar added: “We’re thrilled that so many people have decided to invest in our next phase of growth. It’s fantastic to have such strong support from our growing community of users.
“With open banking just around the corner, we’re now overfunding with a view to growing even faster. It’s not too late to join us and own part of Money Dashboard.”
• Crowdfunding software specialist ShareIn has reported a surge in enquiries from property developers seeking to raise capital online.
The firm, which is also headquartered at CodeBase, builds online investment platforms and said developers and investment managers were seeking to “streamline” their operations and open up property investments to a wider audience.
ShareIn chief executive and co-founder Jude Cook said: “In relying on traditional capital-raising routes, they fear being left behind by new technology. At the same time UK investors are looking for new investment opportunities and are comfortable investing online.”
She added: “ShareIn gets them together and eliminates the challenge, cost and time associated with setting up and maintaining their own investment platform. We connect organisations with their network swiftly to raise target capital and get deals done.”