Money Dashboard today announced the completion of its latest funding round, securing £1 million of investment despite the current challenging economic environment. Money Dashboard an easy to use, secure and free online personal finance service that helps individuals and families to manage their money more effectively.
Behind Money Dashboard is a heavyweight board, made up of some of Scotland's successful businessmen, including Chairman Stuart Sinclair, former CEO of Tesco Personal Finance and GE Capital in the UK and China and David Robinson, founder and former CEO of Bright Grey
The consortium of investors from the public and private sector includes the Par Syndicate, Money Dashboard's management team and a number of individuals. Scottish Enterprise Co-Investment fund has matched Par Syndicate's investment.
Gavin Littlejohn, Money Dashboard's CEO, comments: This is an exciting milestone for us. Four years ago, with some tough financial decisions to make, buried under a flurry of paper statements, I knew there had to be a better way to manage my money. Today, the market is ready, we have a fantastic product and we are now ready to launch.
This announcement demonstrates the strength of Money Dashboard's business model and follows news from the states where the market for consumer online financial planning reached maturity with Mint.com's sale last month for $170m, Mint.com having signed up 1.5 million users in less than two years.
The readiness of the UK market is further supported by a survey this year by Money Dashboard of 2500 people showing 75% of respondents were using online banking, compared to 54% in 2005. Money Dashboard is initially targeting the 20-40 year old market.
Commenting on the deal Paul Munn, partner in Par Equity, said: Par is delighted to be investing in this exciting Scottish business. Money Dashboard is an innovative business in a fast-developing market whose product is right for these times. People need and want to manage their finances more closely and Money Dashboard is positioned to become a leading player in this emerging market, building significant value for investors.
This new round of financing will allow Money Dashboard to complete a rigorous schedule of security and technical audits before its live launch in 2010. The investment builds on earlier funding rounds during which Money Dashboard raised over half a million pounds to complete a two year research and development phase.
The alpha test programme was launched last month to secure feedback on the design of the product and is already fully subscribed. Currently taking registrations, it is expected that several thousand testers will trial the beta launch later this year.