Quirk, a personal finance app that helps young professionals manage their money according to their personality, has raised £300,000 in pre-seed funding from SFC Capital and angel investors.
Quirk's app uses a personality test - based on psychological principles such as the “big five” personality traits - to understand users and deliver personalised advice.
The London-based startup says it uses expert psychologists and the latest behavioural research to deliver a personalised product experience with educational content and insights about users’ spending habits.
For instance, Quirk says men are three times more likely than women to enjoy buying expensive products to impress others, and that people who score high in neuroticism/emotionality tend to make more money, but will also save less.
The firm also uses Open Banking to help connect users' different bank accounts and track subscriptions and set up “spending goals”.
Currently in beta with around 1000 users and another 5000 on a waiting list, Quirk is planning to launch publicly in March. The funding will be used to make hires and add new products.
Nafeesa Jafferjee, co-founder, Quirk, says: "There is no ‘one size fits all’ answer when it comes to managing your finances. What should I do with my savings? What’s the difference between good debt and bad?
"A lot of young people we talked to felt there was a lot of information out there but it lacked context on their financial situation and advice on what tangible actions they should take."