One year of Oval Money: a new funding round for £1.3million, a team of 16, 4.5 million transactions worth over £1billion pounds analysed
Oval Money has completed a full year so we thought this would be a perfect time to tell you about three exciting milestones we recently passed.
But first, a reminder of how we started.
Exactly 12 months ago, the app first appeared on the app store – with a mission to give people a simple tool to be money wise.
I founded Oval Money with Claudio Bedino and Edoardo Benedetto, co-founders of do-it-yourself crowdfunding platform Starteed.com, and Simone Marzola, an expert in machine learning and artificial intelligence (AI), who is now our Chief Technology Officer.
Combining my background in big-data solutions to everyday problems with the deep understanding Claudio and Edoardo have of crowd-sourced solutions, we positioned Oval as the next generation personal finance app that is powered by collective intelligence.
Today, the team has grown to 16, with experience in finance, behavioural economics and artificial intelligence. We’re based out of the two offices – in London and Torino, in Italy.
We introduced a solution for consumers who are frustrated by the current traditional financial services offering. Oval’s user base is composed mainly of young adults, working in flexible work environments. The app speaks to these consumers by giving them a solution to save in small increments in a smart and automatic way, that fits in well with their life of variable income and expenses.
Oval was designed to help users set money aside based on their habits, and their financial situation, thus accumulating the necessary initial capital for the purpose of investing.
Now for those milestones.
First, Oval’s users have more than doubled their monthly saving over the year – on average from £63 to £130. We believe they’ve achieved this because of the help we’ve given them tracking and categorising their spending. Oval places learning at the centre of its personal finance management app. Users are empowered to make better financial decisions through a combination of technological solutions and empowerment in making decisions.
Our second milestone was closing a round of funding last month for £1.3million. This included £800,000 from a crowdfunding campaign in which we took 72 hours to reach our initial funding goal. The fundraise eventually allowed investors to oversubscribe and over 1,000 investors took part, 35% of whom were already users of the app.
We believe the round cements Oval’s position as a leading fintech in Europe, backed by important founders of Italian startups including Mauro del Rio of Buongionro and Fabio Cannavale, CEO of lastminute.com.
Finally, we are celebrating our birthday by announcing our intention to launch an investment platform that will give users a new way to create value from their savings by accessing a personalised set of financial products.
We’re rolling this feature out in beta to a few users over the coming months before offering it to all users. Thanks to our robust machine learning solution, the app has already analysed over 4.5million transactions worth £1billion, allowing it to improve on tailoring financial solutions to specific user types and their needs.
Thanks to all our users, investors and anyone who has taken an interest in Oval Money in the past year. Here’s to another 12 months!