The funding, led by private equity fund manager Calculus Capital, included investment from Ariadne Capital, Par Equity, and The Scottish Investment Bank, and adds to the initial £2.7 million investment made in November 2013.
Over the last two years Money Dashboard has grown its user base by more than 300 per cent, equating to hundreds of new users a day, and now has £10bn of transactions on the platform. In April 2014 Money Dashboard was selected to join the inaugural cohort of the London Stock Exchange’s two-year ELITE mentoring scheme for high-growth private UK companies.
The new investment will be used to further enhance mobile usability and add to the many features available to help consumers make more effective budgeting decisions, including a new ecosystem for money savings offers and leveraging consumer data to find new, personalised ways to save.
Additionally, Money Dashboard, working closely with its brand partner, Zag, a part of global marketing and advertising agency BBH, will focus resources on further building its market position and differentiation.
Gavin Littlejohn, Money Dashboard CEO, said: “We have grown rapidly over the last few months, as more and more people experience how easily they can take control of their finances when and wherever it suits them – whether that’s while sitting in front of the TV or on the bus to work. This latest round of funding reflects the huge potential of the business and we are really excited about expanding our services and reach over the coming months.”
Richard Moore, Calculus Capital investment director, said: “Money Dashboard is in a unique position to tap into the growing desire of consumers to more easily take control of their finances. It has a strong vision of how the market will continue to develop and we believe in that vision.”
Julie Meyer, Chairman and Chief Executive at Ariadne Capital said: “Money Dashboard is a game-changer. The team really gets and believes in building a new ecosystem which puts the consumer at the core, leveraging their data to help them reach better financial outcomes. Up until now offers in this space have been all about the product, rather than the customers.”