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.
We’re absolutely thrilled to have secured this latest round of funding...We are now equipped and ready to help people from every walk of life master their money...Steve Tigar, Chief Executive , Money Dashboard
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.
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.
Luke Lang, co-founder of Crowdcube, said: “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.”
Kerry Sharp, director of Scottish Investment Bank, the investment arm of Scottish Enterprise, said: “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...”