Millennial banking app closes seed funding round
Written by Peter Walker
Banking app Emma has closed a £420,000 seed funding round led by Kima Ventures and Aglaè Ventures.
The London-based FinTech aims to provide money management for Millennials, helping them avoid overdrafts, find and cancel subscriptions, track debt and save money.
The app was developed by 24-year-old Edoardo Moreni and Antonio Marino.
“We started Emma with the aim to democratise the figure of the private wealth manager,” explained chief executive and co-founder Moreni. “In an age where a new financial product comes to the market every week, consumers are destined to get lost in a financial chaos.”
The funding will be used to further develop the product and expand Emma’s team to help compete with existing financial aggregators like Yolt and MoneyDashboard.
Emma Technologies gained Financial Conduct Authority authorisation in January this year, then announced Open Banking API integration with Monzo and Starling Bank.
Rose Dettloff, deal partner at Kima Ventures, added: “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,” she concluded.