Emma Technologies announced this week it raised £420,000 through its latest investment round, which was led by Kima Ventures, one of the first investors in Transferwise, and Aglaè Ventures, the early stage fund of the Groupe Arnault, investor in Netflix and Airbnb. As previously reported, Emma has created a banking app specifically for millennials (iOS and Android), which is described as a mobile-only solution that helps consumers avoid overdrafts, find and cancel subscriptions, track debt and save money. The company recently reported that the app may save customers up to £600 a year by solving these four problems.
“We believe people deserve a private wealth manager that only serves their interests and is able to improve their finances. Open Banking will enable Emma to disrupt the personal finance industry and help consumers save more money.”
While sharing more details about the investment round, Co-founder of Emma, Edorardo Moreni, stated:
“We started Emma with the aim to democratise the figure of the private wealth manager. In an age where a new financial product comes to the market every week, consumers are destined to get lost in a financial chaos. We believe they deserve a financial advocate with the goal of driving them through the difficult financial challenges that life presents. This round is the first step to fully achieve our mission.”
Rose Dettloff, Deal Partner of Kima Ventures, then added:
“Emma brings clarity and transparency to people’s financial lives with a product designed and built for an audience that is eager to grow their personal wealth. Kima Ventures is glad to have Emma as part of its family and looks forward to support future growth and developments.”