With its equity crowdfunding campaign on Crowdcube set to close later this week, personal finance app Squirrel has successfully surpassed £500,000 from more than 600 investors.
As previously reported, Squirrel is an FCA-authorised business that issues users with a bank account and provides an application to create a budget. The app allocates income, expenditures, and savings before the user gets access to their money, ensuring the money needed to cover essentials, such as rent and bills, is set aside. Squirrel was incubated at TechStars and has raised $1.1 million from seed investors and a grant. The company also claims it has won numerous awards and is backed by VC/angel investors including the founder of Funding circle.
“Squirrel is a Barclays Techstars company on a mission to stop people running out of money, and make achieving financial goals easy. While banks continue to make spending easier and offer overdrafts and credit to monetize, Squirrel makes it harder to spend money when you don’t need to, and makes money through subscription – helping customers stick to a budget and build savings!”
Squirrel also noted that it is a Barclays-held account that splits salaries up into bills, savings, and a weekly allowance. Users can rest assured knowing their bills are paid, their savings are automatically kept on track, and they always have spending money every week. Mutaz Qubbaj, CEO and Founder of Squirrel, recently stated:
“We’re positioning Squirrel as the financial hub through which individuals can set a plan that covers every part of their financial lives – from recurring commitments through to savings and spending money.”
Funds from the initiative will be used to continue the expansion of Squirrels platform.
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