Money Dashboard have received a £2.7m investment led by Calculus Capital, a specialist in creating and managing private equity funds for individuals.
The Money Dashboard service which is free to use helps consumers in the UK take better control of their finances by showing them exactly how they are spending their money.
Personal Finance Software: Money Dashboard
By bringing all online accounts (current, savings and credit cards) together in one place, Money Dashboard gives Users the true view of their financial life. By using the same security levels as online banking, Users can have complete peace of mind that their accounts are secure.
Its sophisticated transaction tagging technology automatically recognises purchases, creating eye-catching charts to help Users quickly spot areas where they could make savings. The technology is ‘read-only' therefore no money can be moved or transactions processed through the site.
The tool's proprietary algorithms provide spending forecasts and can help Users set and reach savings goals and become more aware of how much they have available to spend before pay day.
Different alerts can also be set, including notifications when balances fall to the point where they risk triggering annoying bank charges.
Lead Investors: Calculus Capital
Enterprise Investment Scheme specialist Calculus Capital, which is providing the majority of the new funds, says the investment will help Money Dashboard develop new services, enhance its technology platform and expand its user base. Among its plans is the creation of a range of mobile apps and refinements to make the user experience as intuitive and engaging as possible.
Susan McDonald, chairman of Calculus Capital, says: This is a genuinely exciting business with huge potential. We all wonder where our money goes sometimes and when you have a number of accounts and credit cards with different providers it's hard to keep on top of spending. The service is incredibly easy and simple to use and gives people the knowledge and power to save. There are a number of aggregation services now emerging in the UK but we believe Money Dashboard is the most advanced we have seen and best placed to succeed. This business has a big future and we expect that with the help of our funding it will grow into a household name.
The service was originally launched in 2010 and has since undergone upgrades and improvements. Money Dashboard is independent, which means all accounts can be aggregated in one central hub without the need for multiple passwords. Its independence also means that it can source value added products or services for its Users from across the market.
Marketing Partners: ZAG
As well as lead investor Calculus Capital, Money Dashboard is working in partnership with the specialist venture-led branding agency ZAG, a division of the advertising agency Bartle Bogle Hegarty, which has a strong track record helping innovative digital media and technology businesses successfully launch new products and services. Zag will also become a shareholder as a result of the relationship.
The site is expected to generate the majority of its revenues by harnessing data to offer insightful switching service information to Users, showing them ways they can save money in areas such as energy, broadband, fixed line and satellite TV packages, loans and other ‘price beater' services.The management team behind Money Dashboard is led by founder Gavin Littlejohn who has been developing the concept for several years.
Littlejohn said: It's great to be working with Calculus Capital they're passionate about our service and our potential. The company is entering an exciting growth phase and will use this capital to develop new product features and enhancements. Money Dashboard's rich vein of data and insights will also be further developed to provide Users with relevant, timely and advantageous offers that provide value and effective savings.