Oval Money has begun its Series A funding round with a significant investment led by Italian banking organisation Intesa SanPaolo Group.
The bank will take a minority stake in the automated savings platform and, in turn, Oval Money’s products will be offered to a network of over 20,000 tobacconists across Italy via Intesa SanPaolo Group’s bank Banca 5.
The funding marks the opening of Oval Money’s Series A funding round, which is in addition to the €2.7m it has already raised.
“Working with such an important banking group like Intesa SanPaolo – and building on the infrastructure of Banca 5 – allows us to guarantee to our customers a better performance, and even higher standards of safety and security,” said Benedetta Arese Lucini, CEO at Oval Money (pictured above).
“The interaction of a digital solution with a physical distribution also allows us to complete our mission of being a more accessible and inclusive solution.”
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