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Money Dashboard - an exciting player in the FinTech scene

By Crowdcube. 15th May 2019

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A recent study highlighted that a whopping 70% of UK workers consider themselves “chronically broke”, and many more of us find it hard to simply build a financial cushion or rainy day savings buffer. As consumers we need more help to master the fundamentals of personal finance like budgeting, repaying debt and establishing saving habits before we begin to approach our long term financial goals.

That’s where Money Dashboard comes in. We help over 200k people get in control of their finances. Our app connects to over 60 financial institutions allowing users to see all of their accounts in one place. With this information at their fingertips they can track their spending, budget and plan forward quickly and easily to help them achieve their financial goals.

By allowing users to gain the single source of truth across all the accounts they hold and making the data actionable, we’re saving the average person in excess of £205 per year in their discretionary spend. Not only that, but researchers from the Harvard Business School and Edinburgh University revealed that our users who log in to our app most regularly are the best at complying with their budgets on a regular basis and avoiding spending traps like the ‘pay day’ effect. Ultimately, we see our users achieving real, effective steps towards their goals, whether that be buying a house, paying off debt or taking the family on holiday!

The last few years have brought an explosion in UK FinTech, 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. It’s a really exciting time to be working, and investing, in the financial services space.

In 2017, when Money Dashboard first chose to raise funds on Crowdcube, gaining a diverse crowd of investors was a really attractive prospect, as was giving our loyal users the opportunity to grab a stake in the business.

We were delighted to welcome 1,500 investors (from 6 continents!) on board, ultimately raising just over £1.3m. Aside from the financial backing we gained, having a strong community of investors has been invaluable as we’ve continued to build out Money Dashboard. Our investors are the first people to provide meaningful feedback on new launches and initiatives, and some have even joined us at events and awards ceremonies (where we’ve had notable success)!

We’ve accomplished a huge amount since running that round, by doubling annual revenues to $1 million, increasing our user base by 50% (with virtually no marketing) and expanding the headcount of our Edinburgh and London teams.

Other notable achievements include:

  • Securing our FCA Open Banking Licence
  • Launching integrations with Monzo, Starling and PensionBee
  • Announcing a strategic partnership with Go Compare
  • Winning three FDATA Global Open Banking Awards (the only company to win more than a single award on the night) for a number of innovations in our consumer offering and use of applied data science to bring the aforementioned Machine Learning project to fruition. We were also nominated for Best B2C business at the Scotttish Tech Startup Awards.
  • Continuing our partnership with researchers at the Harvard Business School and Edinburgh University whose findings have highlighted that new Money Dashboard users now typically save 14% of their discretionary spend in their first month.

As FinTech continues to improve the ways consumers manage their money, the biggest industry catalyst will be the intersection of innovation (from new entrants and incumbents) coupled with maturity of Open Banking, the government-led initiative working to improve the ways we as consumers are able to control the data we share with regulated apps.

Collaboration across the industry will also play a key role, and the companies leading the way will continue to tie-up to help deliver bespoke solutions to their increasingly overlapping customer bases. We’re already seeing the fruits of embracing collaboration through our own strategic partnership with GoCompare, which leverages our AI-powered categorisation expertise to help other fintech innovators across the industry.

The business has never been in a stronger position, which is why we’re so excited to be gearing up for an even bigger raise on Crowdcube this month. This time 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 1M users in 5 years and generate $20M ARR. We can’t wait to welcome more of the Crowdcube community into our own, and continue building on our success.

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