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Money Dashboard secures £1m investment
Added: (Wed Oct 21 2009)
Money Dashboard today announced the completion of its latest funding round, securing £1 million of investment despite the current challenging economic environment. Money Dashboard is an easy to use, secure and free online personal finance service that helps individuals and families to manage their money more effectively.
Behind Money Dashboard is a heavyweight board, made up of some of Scotland’s successful businessmen, including Chairman Stuart Sinclair, former CEO of Tesco Personal Finance and GE Capital in the UK and China and David Robinson, founder and former CEO of Bright Grey.
The consortium of investors from the public and private sector includes the Par Syndicate, Money Dashboard’s management team and a number of individuals. Scottish Enterprise Co-Investment fund has matched Par Syndicate’s investment.
Gavin Littlejohn, Money Dashboard’s CEO, comments: “This is an exciting milestone for us.
Four years ago, with some tough financial decisions to make, buried under a flurry of paper statements, I knew there had to be a better way to manage my money. Today, the market is ready, we have a fantastic product and we are now ready to launch.”
This announcement demonstrates the strength of Money Dashboard’s business model and follows news from the US where the market for consumer online financial planning reached maturity with Mint.com’s sale last month for $170m, Mint.com having signed up 1.5 million users in less than two years.
The readiness of the UK market is further evidenced in a survey this year by Money Dashboard of 2500 people showing 75% of respondents were using online banking, compared to 54% in 2005. Money Dashboard is initially targeting the 20-40 year old market.
Commenting on the deal Paul Munn, partner in Par Equity, said: “Par is delighted to be investing in this exciting Scottish business. Money Dashboard is an innovative business in a fast-developing market whose product is right for these times. People need and want to manage their finances more closely and Money Dashboard is positioned to become a leading player in this emerging market, building significant value for investors.”
This new round of financing will allow Money Dashboard to complete a rigorous schedule of security and technical audits before its live launch in 2010. The investment builds on earlier funding rounds during which Money Dashboard raised over half a million pounds to complete a two year research and development phase.
The alpha test programme was launched last month to secure feedback on the design of the product and is already fully subscribed. Currently taking registrations, it is expected that several thousand testers will trial the closed beta launch later this year.
Ends
For more information contact: Sarah Lee :: 0131 225 3875 :: 077 66 542110 :: sarah@hottinroof.co.uk
NOTES TO THE EDITOR
Money Dashboard
Money Dashboard is the brainchild of Gavin Littlejohn, whose drive and passion has brought the idea from concept to reality. The company was started in the Scottish Borders and is now based just outside Edinburgh.
Money Dashboard reduces financial stress by giving users real control over their money and improved budgeting. It saves time and hassle of keeping track of everything and gives timely and relevant alerts on ways to save money.
Online financial accounts including savings and current account; credit and store cards and mortgage account information are brought together into one place. Users tag transactions and set budgets - giving a better understanding of where money is being spent, and sending out email and text alerts of budget overspend, suspicious transactions or important events.
Money Dashboard is fully committed to being on the side of the consumer and providing impartial and relevant product suggestions it believes will save money for the user or improve their wealth.
Built in Microsoft’s Silverlight for a rich and interactive user experience and utilising cloud computing to enhance availability and access, the dashboard will give the consumer a complete view and description of all of their finances and financial relationships in one place.
Money Dashboard’s interface uses cool graphics to give immediacy of information to the user, plus simple drop down menus and help functions to improve navigation. The key service focus is ease of use: users will find it quick and easy to set-up, easy to operate, easy to navigate and very low maintenance. Tests have shown it will take users about five to 10 minutes per month to have complete control over their finances.