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Personal finance app Squirrel beats fundraising target with SyndicateRoom

Published: 14:21 06 Mar 2017 GMT

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The personal finance app helps users squirrel away cash

SyndicateRoom says personal finance app Squirrel has been its latest fundraising success story.

The online investment platform revealed that the latter had brought in £459,871 of new capital via SyndicateRoom - more than its original target of £400,000.

Gonçalo de Vasconcelos, chief executive and co-founder of SyndicateRoom, said: “We’re thrilled to welcome Squirrel as the latest UK company to join the varied SyndicateRoom success story portfolio.

"Squirrel is a great example of opportunities offering both a disruptive and scalable business centred on creating meaningful, positive social outcomes.”

Founded in 2014, the idea behind Squirrel is to give people more control over their finances, when it is estimated 21% of people in the UK start living off their overdrafts within the first week after being paid.

The idea is simple - Squirrel issues users with a bank account and creates a budget, which allocates income, expenditure and savings before the user can even access cash.

After just three years, the app now has £2.9 million flowing through its bank accounts.

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