Fintech comparison firm exceeds £250k crowdfunding target
Deeside fintech, monva, has exceeded its initial crowdfunding target of £250,000, as it enters a period of overfunding across the next two weeks.
Despite the uncertainty caused by the coronavirus pandemic, the AI-powered comparison service, which is also backed by the Development Bank of Wales, has raised significant private investment, exceeding its initial goal.
The business is a new, smart comparison service, which looks to use its cutting-edge technology and virtual money saving assistant, Mo, to lead a new generation of comparison, giving customers access to better deals which are tailored for them.
It is the brainchild of CEO Steve Wiley and COO Stuart Wakefield, who had previously held senior executive positions at MoneysuperMarket, MBNA and Virgin Money, with decades of experience in fintech and financial services.
The fintech combines AI, machine learning and smart technology to save customers time and money on a variety of financial products, including credit cards, loans, energy and communications.
The switching service has also announced the appointment of new CTO, Simon Dawson, previously of MoneysuperMarket, IBM and Paybreak.
Steve Wiley said: “Despite the challenging economic climate, we’re proud to announce we have exceeded our initial crowdfunding target, showing the strength of the service monva has to offer, and the enthusiasm for something different to challenge the sector.
“The comparison sector has been desperate for innovation, and we believe customers deserve more than the service and advertising gimmicks that they are currently receiving from the major players.
“Our smart comparison service and virtual money saving assistant, Mo, represents the biggest advancement in the industry yet, and can help more people save more time and more money than ever before.
“For many people across the country, it’s now more important than ever to save money on their outgoings by using data to cut down on hassle and make switching easier, faster and more beneficial for customers.”
So far, monva has raised more than £311,000, with funding information available on its Crowdcube page.