Oval, a London, UK-based fintech startup that provides a consumer saving app, raised approx. €1.2m in funding.
Backers included Bertoldi Holding, Intesa Sanpaolo and B-ventures.
The company intends to use the funds to continue to develop its consumer saving app, expand its marketing and compliance efforts.
Co-founded by Claudio Bedino, Benedetta Arese Lucini, Edoardo Benedetto, and Simone Marzola, Oval provides an iOs and Android smartphone app for financial coaching and planning that enable people to save according to their personal rules, track savings through analytics tools that motivate to improve their personal finance management behaviour.
Oval provides available information on everyday expenses. By connecting with any bank account or card, the app aggregates, categorizes and simplifies the confusing information from bank statements. Users set a number of steps, personalized pledges that automatically assigns a microtransaction to a spending or behavioural habit. Every week, the app automatically creates a saving balance that will be moved weekly into a secure digital wallet. The savings accumulated in the wallet will be available to users to withdraw at anytime.
The company has development and operation offices in Turin, Italy.