Money Dashboard closes crowdfunding having raised £3.9 million
Budgeting app Money Dashboard has secured £3.9 million in funding.
Money Dashboard closed its crowdfunding campaign after smashing its initial £1.5 million target, which it reached within the first 45 minutes. The budgeting app said it raised money from almost 3,500 investors across 62 countries.
Money Dashboard allows you to connect all your bank accounts to the same app, which makes budgeting and keeping track of your finances way easier. It supports more than 60 banking institutions. You can learn more about its features in our dedicated review.
Money Dashboard makes money by selling market research derived from aggregating the spending data the app gathers from its users (although it doesn’t sell personal data). Unlike many fintech companies, it is already profitable, has a 200,000-strong user base and says it plans to be making £20 million a year by 2024.
While the crowdfunding was open, Money Dashboard also announced a series of new banking connections. You can now see your Revolut, Chip and Marcus accounts on Money Dashboard. The app also integrates with cryptocurrency wallet Coinbase, allowing you to include your cryptocurrencies in your budgeting more easily.
What happens if you’ve bought the shares?
Since Money Dashboard didn’t go public, it isn’t listed on the stock exchange and you won’t be able to resell the shares in the immediate future. This is why crowdfunding is considered way riskier than traditional share trading: if the company’s value goes down, you won’t be able to sell your shares and limit the damage.
However, Money Dashboard says it’s planning to deliver a 5x return on your investment instead. The main plan for doing this is selling the company within the next five years or so.
“We expect strong interest from the incumbent retail banks, challenger banks, credit reference agencies, payment companies, price comparison websites and wealth managers,” said Money Dashboard.
Picture: Money Dashboard