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Blackbullion raises £2.5m

Source: Blackbullion

Financial wellbeing platform Blackbullion has today announced a £2.5m investment round to accelerate financial wellbeing for students. The new funding round will scale the platform’s growth, driving Blackbullion’s mission to simplify the complex world of finance for young people, while connecting them with scholarships and additional funds while they study.

The oversubscribed round was led by Calyx Venture Fund with existing investors including Lord Stanley Fink and MPA Education, also participating; Blackbullion is the first investment for MPA’s second fund.

Blackbullion’s platform is deployed by over 50 universities, colleges, and higher education organisations across the UK, Ireland, New Zealand, Australia, and South Africa. Over 1.2 million students have access to the platform and 92% report increased financial confidence as a result. To date, Blackbullion’s university partners have awarded £10 million of funds to almost 15,000 students through their proprietary Funds Management System.

Vivi Friedgut, founder and CEO of Blackbullion, said, “We founded Blackbullion to make financial wellbeing accessible to all young people, through great financial education and better, more inclusive access to funds. The current cost-of-living crisis makes this more urgent than ever, as we continue to create solutions truly focusing on students’ specific financial needs. We’re beyond excited to make this happen, with this new breed of operator-led investors, as we head into our next phase of growth.”

The investment will be used to scale product development, funds-specific features as well as an ambitious hiring plan. It will also support the integration of The Scholarship Hub further into the Blackbullion platform, following its acquisition this spring.
Melody Lang, Founding Partner at MPA Education, comments, “Today’s economic climate means financial education and wellness are more urgent than ever; we couldn’t be prouder to launch MPA Education’s second fund with Blackbullion, to scale the platform at a global level. Congrats to Vivi for achieving this in what has been the toughest raise environment for years.”

Chris Donegan at The Calyx Venture Fund adds, “This was an opportunity for us to invest in a fintech company truly committed to taking on a major global challenge, driving financial inclusion, through financial education. Blackbullion has a strong business model, great leadership and real business fundamentals which is why this is such a great proposition for us. We’re looking forward to working with Vivi and her team to help make this mission happen faster.”
 

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