Squirrel, a London, UK-based fintech startup, closed a £585k funding round.
An amount of £460k was raised via crowdfunding platform SyndicateRoom, and additional £125k was via an extended campaign from 70 investors.
The company intends to use the funds for the development of its savings app, the increase of its app’s user base of British retail savers and the addition of further functionality.
Led by CEO Mutaz Qubbaj and chairman & co-founder Emanuel Andjelic, Squirrel provides a bank account, surrounded by additional innovative functionality which helps users to improve general personal finances management and boosts their savings success. Users add their monthly expenses and saving goals, then customize them with their own photos and names. This could be money for a holiday, a Netflix subscription, a deposit for a property or a personal treat. The app then keeps the savings safe and pays out spending and bill money as required.