Fintech firm Monva has more than doubled its latest fundraising target, attracting over 600 investors and raising £451,905 via Crowdcube.
This latest funding round comes one year after smashing its initial crowdfunding target in 2020 and comes ahead of a 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. Monva’s customers also receive state of the art guidance and support through Mo, the Money Virtual Assistant, which guides users through the comparison search, assists buyers in making their decisions and uses AI and machine learning to alert users to new personal offers.
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 are once again delighted by the response of our enthusiastic Crowdcube investors who believe in our vision to deliver a better, more personalised price comparison experience.
“As a team, we are excited about our technology, which we are continuing to refine and develop, but even more so about the lasting impact Monva will have on users. As we progressively head out of lockdown, the need to manage money, get on top of bills, and address some of the financial challenges that the pandemic has caused for so many people is crucial. We hope through our supporting information and services, Monva helps play a proactive part in people's financial recovery.
“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.”