Fintech Fintech Funding News

Dublin-Based Tech Start-Up My Money Jar Raises €700,000

About 3 in 10 Americans Are Stockpiling Cash Amid the Coronavirus Pandemic, MagnifyMoney Survey Finds

My Money Jar, a Dublin-based start-up that promotes mindful spending and saving, has closed a funding round of €700,000, taking its total fundraising to more than €1.3 million over the past 18 months.

Read More: Executives Explore Disruptions in Fraud Trends, Securing Online Channels and Mobility Payments in Transit

The funding round was led by Enterprise Ireland and includes several private investors.

Founded by Kevin Treacy in 2018, My Money Jar aims to reduce financial stress through combining budgeting tools with behavioural psychology. The platform comprises an iOS or Android app, an Iban and a prepaid Mastercard.

The app allows users to allocate different amounts of money to different “money jars” to save for particular goals – be it a holiday, a mortgage or something less significant.

To increase users’ control over their money, jars can be “locked” by nominating a friend or family member as guardian. They can also be shared with others for joint savings or budgeting goals.

Read More: Former U.S. Secretary of Commerce, Penny Pritzker, Doubles Down on Payments Infrastructure Pioneer Finix

Payments can be processed instantly from within the Money Jar app, or automated to make recurring expenditure easier to manage.

Currently, the app is only being provided to employees through their employers’ workplace well-being programmes.

My Money Jar has received Central Bank approval to operate as a distributor of Prepaid Financial Services.

“This funding round is a huge boost of confidence for us at My Money Jar. It validates our belief that there is a huge opportunity in helping people increase their financial capability and resilience,” said Mr Treacy.

Read More: GlobalFintechSeries Interview with Raymond Wyand, CEO & Co-founder at gini

Related posts

Vlorish Launches All-in-One Finance Platform to Simplify Freelance Financial Management

PR Newswire

CloudWalk Raises US$150 Million in Series C Financing Round Led by Coatue

Fintech News Desk
1