The average user of the automated savings platform now saves £130 a month, an increase from the £63 a month saved when it launched 12 months ago.

This is the equivalent of an annual savings increase to £1,560, up from £756.

Oval Money is designed to encourage saving among young adults in Europe.

The platform has attributed this increase in savings in part to users linking the app with their Facebook activity.

Each time a user posts on Facebook, they make automated savings.

Oval Money is now looking into Twitter and other social media platforms for further social sharing integration.

The platform reviews the spending habits of users, identifying how much they are able to save on a month-by-month basis.

It also uses saving rules called STEPS that adjust to spending patterns when a user’s financial obligations change.

Oval also uses machine learning, which runs in the background.

The app can help people to save through rounding up spare change from transactions, while more API integrations will be launched on the platform soon.

Benedetta Arese Lucini, co-founder of Oval Money (pictured above), said: “Putting a little away each month is hard to remember and often not front of mind for today’s workforce. 

“This is why encouraging people into social saving – which brings their online sharing habits into step with a new savings culture – really works. 

“We also know that so many of us are in flexible employment with variable monthly incomes, so saving a rigid amount each month is archaic and outdated and can easily leave people out of pocket as they renege on earlier financial commitments.”