London-based automated savings app Oinky has raised $1m in seed funding.
The investment for the Seedcamp-backed startup came from high-net-worth individuals from across the finance and tech sectors.
Oinky’s app connects to users’ existing current account and calculates how much they can safely save based on their recent spending.
It then automatically transfers small amounts to users’ savings account every few days.
The company recently hired money transfer service Azimo’s former head of growth Francisco Lema and will use the new capital to further expand its team.
It will also be used to launch Oinky’s product and develop additional product features.
Founded in 2015, the company says it took 13 months to receive its FCA authorisation which it can use in future to introduce users to investment platforms or additional savings solutions.
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