This fintech startup is crowdfunding fresh investment

 
Lynsey Barber
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Money management app Squirrel is raising equity via crowdfunding (Source: Getty)

A fintech startup whose app helps people better manage their money is seeking fresh funding via crowdfunding.

Squirrel is seeking to raise £400,000 on equity crowdfunding platform SyndicateRoom, with £100,000 of that already promised by angel investor Jos Evans.

The two-year-old startup offers users a bank account and budgeting features and already has more than 5,000 users and £2.9m managed through the app.

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It will use the new funds to expand its service, particularly focusing on the students and pensioners.

“Engaging online investors in a fundraise has been a route that we’ve been considering for some time,” said founder and chief executive Mutaz Qubbaj.

“However, it was crucial to reach a point where we could demonstrate our success and track record, so we could make it a solid opportunity. It’s been an incredible journey for the business so far, and we’re excited to welcome investors to join us from this point."

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Squirrel boasts winning the Duke of York's Pitch@Palace startup competition. It graduated from Barclays' TechStars accelerator and joined Octopus Lab's new fintech program last September.

Several fintech firms seeking financing, such as Monzo, Tandem and GoHenry have smashed their crowdfunding targets in recent months as investors turn their attention to the growing sector of financial technology.

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