219%

Monva is a fintech using data & intelligent technology to personalise customer offers, revolutionising the price comparison experience. Monva launched in 2020 and has had 17k+ users. With a founding team from MoneySuperMarket.com & MBNA they're raising for further product development & to grow.

  • Launched in Q4 2020 and grown customer base to 17,000
  • Targeting the Credit Cards and Loans, and Energy switching markets
  • Target Addressable Markets valued at £2.8 billion
  • Raised £625,000 in 2020 from DBW, Angels & crowd, overfunded by >200%

Idea

80% of UK Adults are not regular switchers. Existing price comparison websites (PCWs) have become known for gimmicks like meerkats & opera singers, but do they help users make important financial decisions or put people off using them altogether?

Research shows only 38% of people feel they can trust PCWs, so we thought it was time for a change. We're on a mission to make comparing & buying financial products & services as easy as possible.

Designed around the customer, Monva provides intelligent comparison services combining customer data with artificial intelligence & machine learning to provide a more personalised customer experience.

Our AI Chatbot ‘Mo’ helps our customers by saving time on completing searches, highlighting key information to assist in making switching decisions, & providing alerts to new automated offers.

Since our last raise we have:

- Hired a team who have worked for the likes of MoneySupermarket, PayBreak & The Hut group

- Launched our energy switching service, credit card service with eligibility check & our customer dashboard

- Built partnerships with Experian & Decision Tech & are developing commercial relationships with the likes of Nationwide, HSBC & M&S Bank

- Built an engaged user base of +17,000

Funds from this round will be used to continue building out our smart comparison technology, secure further commercial partnerships & grow our marketing activity.

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Monva has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.