Want to buy Money Dashboard shares? The budgeting app’s crowdfund opens on Monday

Posted: 17 May 2019 2:49 pm
News

Picture not described: Steve-Tigar-Money-Dashboard-738.jpg Image: Getty

Budgeting app Money Dashboard is about to launch its “biggest fundraise” ever.

Money Dashboard has announced a crowdfunding round that will open up on Monday. Both users and non-users will be able to buy Money Dashboard shares, but users will get an early start at it.

Take a look at our in-depth review of Money Dashboard for more on how the app works, what features it offers and its pros and cons.

We don’t know how much Money Dashboard is looking to raise yet and the full pledge will be released on Monday 21 May, when the crowdfund will open at 10am for Money Dashboard users on platform Crowdcube. Everyone else will be able to join in 24 hours later.

However, Money Dashboard has said this will be its biggest crowdfund ever. During the previous one in August 2017, the startup raised over £1.2 million, so this round it’s expected to aim somewhere close to a £2 million goal.

“The business has had a period of really strong growth. In the past year, we’ve secured our Open Banking licence from the FCA, we’ve integrated with Monzo and Starling and, importantly, we’ve doubled our revenues,” said Money Dashboard’s CEO Steve Tigar. “Open Banking is now really getting going and we’ve got ambitious plans to take full advantage.”

If you’re a Money Dashboard user and you’re interested in taking part in the crowdfund, you can register your interest on the Money Dashboard website – this way, you’ll be immediately sent the crowdfund link when it’s published on Monday morning.

Picture: Steve Tigar, CEO of Money Dashboard.

I want to buy Money Dashboard shares: How risky is it?

Finder’s banking expert Charlie Barton answers

Charlie Barton

Money Dashboard isn’t a public company, so you can’t buy and sell its shares on the stock exchange. Generally speaking, investing in a private company is a long-term investment and way riskier than traditional share trading.

That’s because once you’ve bought the shares, you can only sell them back when a so-called “exit” happens – that is, if the company wants to buy them back (for example if it’s being bought by another company) or if it decides to file for an IPO (initial public offering) and go public.

If things go well, you may be able to resell the shares you’d bought when the company was just a startup at a much higher price. But there’s also a concrete risk that, if things were to go wrong, you may lose money. In any case, you won’t be able to sell your shares back anytime soon, so keep that in mind while making a decision.

Finally, it may be useful to know what Money Dashboard has to say on the topic, which is that it expects a five-time return on shares in three to five years “through a strategic industry acquisition path” and that it’s also “exploring the possibility of an IPO”.

“Consumers save about £10 every time they log in to the app”: Steve Tigar’s interview with Finder UK

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