Folio, a new savings app for the smartphone generation, has today announced its plan to raise £320,000 in crowdfunding.
It will be the first ever savings app to launch on the CrowdCube platform.
Folio is on a mission to empower a generation with a savings tool that puts them back in control. The alternative: automated, algorithm driven apps that continue to disengage people from their finances.
Having previously raised funds from investors including Kapital Bank, the investment will be used to expand the company’s tech team and bolster its marketing. From there, Folio will build out its partnership programme and drive user acquisition.
Founded in 2015, Folio already has 4000 users with approximately £180,000 saved. The company aims to increase its user base to over 100,000 in 18 month’s time.
Marvyn Halfon, Co-Founder and CEO of Folio stated: “Today, almost every savings app on the market wants to remove the saver from the savings process. That’s a dangerous approach. We put savers in control, we help them understand how they should save and we work with them to achieve their ambitions. It’s this unique approach that engages our users, and is why we can boast a huge 70% retention rate after thirty days.
“Now, through our crowd funding campaign, our dedicated users and the wider investment community have the chance to be a part of the company that’s building a society of savvy savers.”
In exchange for their investment, Folio if offering supporters 10% of equity.