Welsh fintech start-up monva has closed its highly successful funding round, after more than doubling its initial funding target during its overfunding period.
The Deeside based smart switching service has raised over half a million (£502,320) 100% more than its initial £250,000 target for its new AI powered smart comparison service.
Monva 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.
The service promises the next generation of comparison, combining 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.
Following its successful fund-raising round attracting 799 investors, monva has also announced a new senior appointment, with Eileen Harte joining the business as Senior Partnership Development Manager. Eileen brings over a decade of experience in the sector, joining monva from MoneySupermarket Group.
Harte’s appointment is the second bolstering of the senior team, following the appointment of new CTO Simon Dawson (previously MoneysuperMarket, IBM and Paybreak), who joined the start-up last month.
Monva was founded by Steve Wiley and Stuart Wakefield, who have decades of experience in fintech and comparison, having held senior positions at MoneysuperMarket, MBNA and Virgin Money.
Steve Wiley CEO of monva, said: “We’re thrilled to have exceeded our initial fundraising target, raising double the goal we set out with and closing our funding round at half a million pounds.
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“We believe that the strong level of investment in monva, despite the challenging climate demonstrates the consumer demand for a better comparison industry, something that we know monva can deliver.
“We plan on disrupting the sector with our new smart comparison service and virtual money saving assistant, Mo, to help more people save more time and more money than ever before.
“Recent times have highlighted just how important it is for households to ensure they’re not paying over the odds for their outgoings. With deals becoming less competitive, and household incomes becoming more stretched, our mission is to you cutting edge technology to cut down on hassle and make switching easier, faster and more beneficial for customers.”