A Deeside based smart comparison fintech has more than doubled its crowd fundraising target.
Fintech firm Monva has more than doubled its latest fundraising target, attracting more than 600 investors and raising £451,905 through Crowdcube. This latest funding round comes one year after smashing its initial crowdfunding target in 2020 and comes ahead of a larger institutional round expected to take place towards the end of 2021.
Monva is a new comparison service that seeks to use customer data and artificial intelligence to personalise and revolutionise the price comparison customer experience.
The company says the personalised service helps users make smart decisions that are right for them, while its technology and automation means there are less forms to fill in, making it easier to compare and buy. Monva’s customers also receive guidance and support through Mo, the Money Virtual Assistant, which guides users through the comparison search, assists buyers in making their decisions and uses AI and machine learning to alert users to new personal offers.
The service is the brainchild of CEO Steve Wiley and COO Stuart Wakefield, who previously held senior executive positions at MoneySuperMarket, MBNA and Virgin Money, with decades of experience in Fintech and financial services.
Commenting on the fundraising success, Mr Wiley said: “We are once again delighted by the response of our enthusiastic Crowdcube investors who believe in our vision to deliver a better, more personalised price comparison experience.
“As a team, we are excited about our technology, which we are continuing to refine and develop, but even more so about the lasting impact Monva will have on users."
Mr Wiley said that he hopes Monva can help play a proactive part in people's financial recovery as the country heads out of lockdown.
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Mr Wiley added: “Since our last raise in May 2020, Monva has made incredible progress. We have hired several senior specialists; built partnerships with key brands to enable extensive product coverage across credit cards, loans and energy; and built key elements of our innovative technology through our Ai chatbot, online dashboard and foundation automation services.
"We’re excited about the huge opportunity ahead of us to continue building Monva and developing the next generation of price comparison service for our users.”