Oval Money has raised £13m in a funding round to expand its product offering.
The FCA-authorised automated savings platform will use the funding to launch a new feature that will allow its users to invest their money in a multi-sided marketplace for savings and investment products.
Most of the funding (£800,000) was generated through a crowdfunding round on the Crowdcube platform.
The company's initial funding target of £500,000 was achieved in less than 72 hours.
More than 1,000 people invested during the crowdfund.
Oval Money completed the funding round with investment from high-profile industry figures.
Investors into the platform will now join the likes of Fabio Cannavale, CEO at Lastminute.com, and Mauro Del Rio, founder of Buongiorno, part of the DOCOMO Digital Group.
Benedetta Arese Lucini, co-founder of Oval Money, said: “Once again, we're overwhelmed by the support Oval Money has received.
“Not only because it illustrates true value in our product, but because it has allowed us to focus on the next chapter in the platform's development, allowing us truly to democratise saving and investment, and help tackle the poor savings culture that has become endemic within Europe and the UK.”
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