16 July 2018
Visit www.gemalto.com

Oval Money raises £1.3 million

13 April 2018  |  8789 views  |  0 Hipster teens with phone

Oval Money, the budget management app launched by the former CEO of Uber Italy, has raised £1.3 million in fresh funding, with 60% of the cash generated by individual investors on Crowdcube.

Founded by Benedetta Arese Lucini, former CEO of Uber Italy, with Claudio Bedino and Edoardo Benedetto, co-founders of do-it-yourself crowdfunding platform Starteed.com, and AI expert Simone Marzola, Oval Money came out of closed beta in April last year having raised €1.2M in funding.

For its latest round the company turned to Crowdcube, realising its initial goal of £500,00 within 72 hours. In total, more than 1000 individual investors participated in the crowd raise, with 35% of these already using the app.

The round was completed with investments from a number of high profile industry figures, including Fabio Cannavale, CEO of Lastminute.com and Mauro Del Rio, founder of Buongiorno, which is part of the Docomo Digital Group.

Earlier investors in the company include Italy’s Gruppo Intesa SanPaolo, b-ventures, an incubator from Japan’s Docomo Digital, and Bertoldi Group Family Office.

Users achieve savings using 'Steps' a set of commands that tell Oval to make a deposit to the app’s secure digital savings account each time there is new income or spending in a linked account.

The FCA-authorised firm sais it plans to use the new funds to help launch a feature within the platform that will allow people to invest their money in a multi-sided marketplace for savings and investments products.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Former Uber Italy CEO launches social savings app

Former Uber Italy CEO launches social savings app

05 April 2017  |  8158 views  |  0 comments | 6 tweets | 9 linkedin

Related company news


Related blogs

Create a blog about this story (membership required)
Visit info.nice.comVisit https://secure.vasco.comVisit http://go.jumio.com/finextraAd

Who is commenting?

Suresh K Suresh K Commented on: I am the password
A Finextra member Finextra Member Commented on: Mastercard enlists Wor...
A Finextra member Finextra Member Commented on: Mastercard enlists Wor...
A Finextra member Finextra Member Commented on: Mastercard enlists Wor...

Top topics

Most viewed Most shared
Handelsbanken trials micro contactless cardsHandelsbanken trials micro contactless car...
9750 views comments | 18 tweets | 30 linkedin
Championing financial inclusion and helping the UnstoppablesChampioning financial inclusion and helpin...
8307 views comments | 3 tweets | 1 linkedin
PayPal ready to spend $3bn a year on acquisitionsPayPal ready to spend $3bn a year on acqui...
8206 views comments | 13 tweets | 17 linkedin
No greater change will occur than that in financial servicesNo greater change will occur than that in...
7781 views comments | 7 tweets | 13 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
7656 views comments | 6 tweets | 14 linkedin

Featured job

Competitive base, double ote, benefits
New York City, NY - USA

Find your next job