London-based FinTech startup Squirrel has managed to rake in £459,871 through crowdfunding platform SyndicateRoom, going past its target of £400,019.
Squirrel was established in 2014, and has been authorized by the FCA. Its claim to fame is that it issues users with a basic bank account, along with an application that prompts users to create a budget. This creates lots for the user’s income regarding their commitments, saving and spending money before they get access to it, thus making sure the money needed to pay for essentials, like rent and bills, is set aside. This completely new way to look at budgeting ensures users can access money only when they need it, therefore making it harder to impulse-spend and easier to save.
Mutaz Qubbaj, CEO and co-founder of Squirrel, said:
My main motivation for founding Squirrel was to make a real social difference. With a growing community of 8,000 people and rising, it is truly rewarding to hear the personal feedback from customers on how Squirrel has changed their habits with a positive impact on their personal financial management.
He continued by saying that his objective is to use the new inflow of funding raised via SyndicateRoom in order to expand the company’s customer base further and diversify its product offering.
Currently, the firm’s operations are usable not only by individuals, but also businesses, since they have partnered with health services, debt management companies and counselling providers across the UK. Squirrel is also offered as an employee benefit and tries to help those with lower incomes. The company also plans to use the new funds to expand its technical functionality.
Gonçalo de Vasconcelos, CEO and co-founder of SyndicateRoom, said:
We’re thrilled to welcome Squirrel as the latest UK company to join the varied SyndicateRoom success story portfolio. Squirrel is a great example of opportunities offering both a disruptive and scalable business centred on creating meaningful, positive social outcomes.