A smartphone application aimed at educating young individuals on money management in a progressively cashless society has successfully raised £4.5 million via a crowdfunding initiative.
This innovative money management tool, originally designed to assist parents in teaching their children aged 6-18 about earning, saving, and spending, launched a crowdfunding campaign with an initial goal of £2 million. The campaign, hosted on Crowdcube, has impressively surpassed its target by over 200 per cent, garnering investment from more than 1,400 backers and reaching a total of £4.5 million.
Founded in the United Kingdom by three parents in 2011, the app’s digital solution now serves over 550,000 users, encompassing both parents and children, across the UK and the US. The company’s substantial growth has been recognised, with it being ranked as the 8th fastest-growing business by revenue in the Sunday Times Tech Track 100 league table for 2018. This ranking highlights its significant revenue increase from £2.8 million in 2016 to £6.1 million in the past year.
Armed with the new influx of funds, the company aims to capture 15 per cent of the UK and US market, representing approximately 6.6 million child accounts. The enterprise is led by Chief Executive Alex Zivoder, who possesses 17 years of experience in scaling disruptive technology and eCommerce B2C companies, including roles at Lynda.com, Viagogo, Expedia, and Tele2. The senior management team is bolstered by co-founder and COO Louise Hill, co-founder and EVP North America Dean Brauer, Product Director Richard Jones, CMO Tom Mansbridge, CTO Jeff Faubel, Head of Finance Renold Tuscano, and Executive Chairman David Roche.
With the additional funding, this application is poised to significantly expand its reach, promising to impact the financial literacy of a vast number of young individuals in both the UK and the US.
