Dublin-based Fintech firm My Money Jar revealed on March 19, 2020 that it has secured €700,000 in capital through an investment round led by Enterprise Ireland. This brings the company’s total funds raised to €1.3 million during the past 18 months.
My Money Jar’s founders confirmed that they had also acquired funding from several private investors.
The firm was established in 2018 by Kevin Treacy with the stated aim of helping individuals in effectively managing their finances. My Money Jar’s management stated that it plans to help people with reducing financial stress by assisting them in improving their money management skills. The company also wants to promote “mindful” spending and encourages saving.
My Money Jar’s services may be accessed by downloading the firm’s app which is available for iOS or Android operating systems. The app allows users to easily create an account, which is connected to a prepaid Mastercard and IBAN.
After completing the sign-up process, users have the option of allocating different amounts of funds to “jars” that are used to help people with budgeting and saving every month. For instance, the app allows people to create a weekly coffee jar (which limits how much they can spend on coffee), and a monthly jar for making rend or mortgage payments so users can be sure they have enough money.
The firm noted that it’s testing the technology through various workplace wellbeing initiatives, where companies provide the platform to their workers to assist them with reducing financial stress. My Money Jar’s management said it intends to launch the app for the general public at some point in the future.
The company has reportedly been approved by Ireland’s reserve bank to serve as a distributor of prepaid financial services.
Treacy added:
“This funding round is a huge boost of confidence for us at My Money Jar. It validates our belief that there is a huge opportunity in helping people increase their financial capability and resilience.”
Michael Browne, senior development advisor at Enterprise Ireland, stated:
“My Money Jar has created an innovative solution to the large-scale problem of people spending more than they earn. This exciting product is the one card in your wallet that wants you to spend less.”