FCA-authorised Oval Money has attracted more than 600 investors in the round so far, with the fundraising effort remaining open to the public for a further seven days until Monday 29th January.
The £500k target represented 9 per cent of the company’s equity, but the overfunding has meant that the platform will be increasing the equity it is making available. Oval Money is hoping to use the capital raised to develop a multi-sided marketplace for savings and investment products.
Oval was previously backed by Italy’s b-ventures, an incubator from Japan’s DOCOMO Digital. Others included the Bertoldi Group Family Office, with the support of Intesa Sanpaolo Group.
“We are delighted by the tremendous interest shown in Oval Money during this funding round,” said Oval Money co-founder and CEO, Benedetta Arese Lucini. Lucini was also the former CEO of Uber Italy.
“To have reached and exceeded our target in such a short space of time is a significant achievement and it demonstrates the value there is in a product designed to improve lifestyle habits for the long term. We are excited to see how much capital will be raised by the close of the round, before we embark on the next chapter of Oval’s development.”
Since launching in April last year, Oval has attracted more than 46,000 users across the UK and Italy. The platform says that its users are saving an average of £130 per month, growing at 18 per cent per week.