A banking app built for millennials has secured Seed funding amounting to £420,000.
Called Emma, the app is intended for money management; putting the details of personal finances all in one place. Users can avoid overdrafts, find and cancel subscriptions, track debt and save money.
This round was led by Kima Ventures, who were the first investors in Transferwise; and Aglae Ventures, which is part of the Group Arnault. The rest of the round drew support from Angel investors whose portfolio companies have exited to JustEat, Snapchat and others.
London-based Emma was founded by 24-year-old Edoardo Moreni and Antonio Marino.
Moreni was born and raised in Rome, and went on to study Computer Science at The University of Manchester. He shared the inspiration for the app: “We started Emma with the aim to democratise the figure of the private wealth manager. In an age where a new financial product comes to the market every week, consumers are destined to get lost in a financial chaos.
“We believe they deserve a financial advocate with the goal of driving them through the difficult financial challenges that life presents. This round is the first step to fully achieve our mission,” he added.
The common myths about open banking
The round will be used to further develop the product and expand Emma’s London team. Now, the company must compete with financial aggregators Cleo, Yolt and MoneyDashboard.
Rose Dettloff, deal partner at Kima Ventures, explained why she backed the FinTech startup: “Emma brings clarity and transparency to people’s financial lives with a product designed and built for an audience that is eager to grow their personal wealth.
“Kima Ventures is glad to have Emma as part of its family and looks forward to support future growth and developments,” he added.