A financial productivity application, chaired by the former head of operations and technology at a major investment bank, has initiated a campaign to raise £350,000 from crowdfunding investors.
The application, conceived by CEO Simon Woodiwiss, was inspired by his personal experience of missing the end of a mortgage discount period and facing a subsequent increase in the interest rate. Competing with entities like Onedox, this app aims to assist users in organising their finances and managing tedious administrative tasks more effectively.
Woodiwiss asserts, ‘There are companies out there now that are doing great things but are nowhere near as comprehensive or as righteous, for want of a better word, as our application is going to be.’ Having rebranded from ‘Getonatop’ last summer, the start-up is now aiming to secure at least £350,000 through the crowdfunding platform Seedrs to support the development of the next version of its app. These funds will also be allocated to a robust digital marketing campaign. The campaign has already achieved more than 20% of its target, with over 70 investors on board and more than 40 days remaining.
Woodiwiss emphasises the disruptive potential of their market strategy, ‘I know it’s a bit of a cliché but it’s all about disrupting, and the market that we want to disrupt is the price comparison website market, and we’re going to do this better than the other companies out there.’
Initially working alone, Woodiwiss began assembling a team last summer. Currently, the London-based start-up comprises chairman Philip Freeborn; CTO and co-founder Johanna Wilson; business and strategy advisor Ross Emerson; and head of marketing Simon Doggett. Freeborn, who held numerous senior roles over a decade at the investment bank, including chief information officer and head of operations and technology, is now the global head of banking at a consultancy firm. Freeborn has also invested in the crowdfunding round. ‘Philip is the perfect guy to have as chairman,’ Woodiwiss commented.
Woodiwiss is optimistic about the future, stating, ‘Once we’ve got the funding, we’ll have version 2 finished within three months and then hopefully be making money by the middle of our first operating year.’ The ultimate goal is for the application to become the go-to choice for managing personal and financial household administration, simplifying what is often considered monotonous yet essential tasks.
With significant early support, the FinTech start-up is well on its way to disrupting the financial management and price comparison markets through innovative solutions and strategic crowdfunding initiatives.