Oval Money takes €1.2m for personal savings app

Personal saving and investment app Oval Money has secured €1.2m in funding from Italian banking group Gruppo Intesa SanPaolo.

Japan’s DOCOMO Digital incubator b-ventures and Bertoldi Group Family Office also participated in the round.

Founded by the former head of Uber Italy, Arese Lucini, the company recently launched its app in the UK market.

Oval aims to combine spending tracking, a secure savings account and investments as well as social financial tips into one app.

It claims to have saved its closed beta users an average of £400 over three months.

The startup’s other co-founders include Claudio Bedino and Edoardo Benedetto previously founded crowdfunding site Starteed.com as well as AI and machine learning expert Simone Marzola.

Oval says it is in the process of obtaining an FCA approval license and previously conducted a mock user trail through the authority’s FinTech sandbox programme.

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