Fintech firm Monva has exceeded its fundraising target of £200,000 via Crowdcube. With 10 days of fundraising still remaining, Monva continues to invite further investment from the crowd as it enters a period of overfunding.
This latest funding round comes one year after smashing its initial crowdfunding target in 2020 and comes ahead of an larger institutional round expected to take place towards the end of 2021.
Monva is a new smart comparison service which uses customer data and artificial intelligence to personalise and revolutionise the price comparison customer experience. The personalised service helps users make smart decisions which are right for them, while its technology and automation means there are less forms to fill in, making it easier to compare and buy. The service is the brainchild of CEO Steve Wiley and COO Stuart Wakefield, who previously held senior executive positions at MoneySuperMarket, MBNA and Virgin Money, with decades of experience in Fintech and financial services.
Commenting on the fundraising success, CEO Steve Wiley said: “We’re thrilled to have once again surpassed our funding goal on Crowdcube and grateful to all of those who have invested so far.
“As we now enter a period of overfunding, we are more excited than ever about our mission to revolutionise the price comparison experience, using technology and automation to help our customers make smart financial decisions that help them save time and money not just now, but in the long run too. Given that over 80% of people in the UK have either never switched a product or rarely switch, our aim is to serve not only those who use comparison today, but also those who have been put off in the past by using services promoted by gimmicks that have little to do with the customer experience.”
“Since our last raise in May 2020, Monva has made incredible progress. We have hired several senior specialists; built partnerships with key brands to enable extensive product coverage across credit cards, loans and energy; and built key elements of our innovative technology through our Ai chatbot, online dashboard and foundation automation services. We’re excited about the huge opportunity ahead of us to continue building Monva and developing the next generation of price comparison service for our users.”