Finance app banks £2m from crowdfunding investors

Image source, Money Dashboard
Image caption,
The company says its app allows users to manage all their financial accounts in one place

A personal finance app has raised more than £2m through crowdfunding in less than 24 hours.

Edinburgh-based Money Dashboard said it beat its initial target funding of £1.5m within 45 minutes.

The Crowdcube fundraising drive, which was open only to the app's users on Monday, has now been opened to the public.

The app connects to more than 60 financial institutions so users can manage all their accounts in one place.

Money Dashboard said the funding would support its growth plans, which include increasing its staff headcount from 20 to 65.

Fintech 'explosion'

The firm, which was launched in 2010, says its free app now has more than 200,000 customers. It aims to reach one million users within five years.

Chairman Mark Horrocks said: "The last few years have brought an explosion in UK fintech (financial technology), and the adoption of digital money managers across the space has never been stronger.

"As consumers, personal finance has become a mainstream part of our public conversation and people are now searching in high numbers for ways to be more savvy with their money and improve their financial situation."

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