Imagine an app that unites all your finances in one place: your current and savings accounts, credit cards, mortgage and other personal accounts – all in the palm of your hand.
The result? A true picture of your finances quickly and easily.
Money Dashboard’s app does just that - its free financial data platform has attracted hundreds of thousands of users since its launch in 2010. The innovative fintech company, based in Edinburgh, believes it has the potential to transform how people manage their finances online.
And now the Scottish fintech is set to more than double its headcount after hitting its £1 million fundraising target. The firm, which launched its online service in 2010, with the aim of helping people keep control of their finances, said it was continuing to attract further funding following its successful crowdfunding campaign.
Originally set up in the Scottish Borders, Money Dashboard moved to the Scottish capital in 2013. The city's talent pool, start-up community and fintech sector have helped fuel the company’s growth. Using the app, people can save smarter for the future given that well over 16 million people in the UK have less than £100 in savings, according to research.
Over 500 transactions a second – blink and you'll miss it
The company tags over 500 transactions a second and makes money in two ways. The first involves aggregating and anonymising all its data to create market research on consumer spending that it sells to agencies in different sectors, including retail.
It is working on a second route: to identify people that could save money by switching to another product – for example a better current account that doesn’t charge overdraft fees. A recommendation could then be made, earning the company a commission.
People take control of their finances and make the right decisions
Steve Tigar, Money Dashboard’s chief executive, explained: “We find that most people bank online and have many different accounts where they check balances in many different places. It’s very unwieldy to manage and get a true view of where you’re at financially. So the first benefit is that we pull all that data together into one place to help people take control of their finances and make the right decisions.”
At the centre of Scotland's finance industry
Steve said: “Scotland has the second largest financial centre in the UK, an area that ranks above the likes of Madrid, Milan and even Moscow on a global level. We are a major centre for asset servicing, have one of the world's top fund management hubs and excel in services ranging from brokerage to corporate finance. We are at the centre of Scotland's finance industry, a major player in the UK and European scene, and an important part of the global industry. So when it comes to providing expertise for the fintech scene, we are not left wanting.”
Support from Scottish Enterprise and Scottish Development International
Scottish Enterprise and Scottish Development International have supported Money Dashboard since 2006. Co-investment from the Scottish Investment Bank (SIB) was crucial to launching its new product, giving the company vital capital and helping it to attract further investment.
We also offered help and advice through the innovation support service – making sure that the company had all areas of development covered before going to market.
Edinburgh a major global fintech hotspot
Edinburgh is one of the best places for technology companies to collaborate. The city is home to Codebase, the largest technology incubator in the UK, which draws some of the most promising companies together under one roof. With so many technology companies basing their operations in Edinburgh, it’s a growing community that fosters new ideas.
Digital accounting specialist FreeAgent and online verification company miiCard are examples of other Edinburgh fintech startups that have secured investment and are growing strongly, Tigar says. He noted a recent report stating that London had received a strong mandate as the world's fintech hotspot – yet over a third felt Edinburgh was a major contender.
Looking ahead, a key opportunity is the introduction of a new government standard that will see banks sharing their data with trusted third part suppliers like Money Dashboard.
The fact that Edinburgh is also home to unicorns – tech start-ups valued at over $1 billion – suggests there are many exciting times ahead.
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