Oinky, a London, UK-based mobile saving app maker, raised £765k in seed funding.
Some unnamed individuals made the investment.
The company is using the funds to continue to develop the app and expand operations.
Co-founded in 2015 by Ivan Soto-Wright and Conrad Holmboe, Oinky provides an app that makes saving money effortless.
It connects to an existing current account, supporting all major UK banks, calculates how much people can safely afford to save based on their recent spending and automatically transfers small amounts to their savings account every few days.
The app employs 256-bit bank-grade encryption and Secure Sockets Layer (SSL) to ensure information is protected and secure.
If Oinky saves too much, a dedicated algorithm is designed to ensure that no saving transaction causes people to go into overdraft. They will also notify them if the current account balance is getting low.
FinSMEs
08/03/2017