The beginning-up permits customers to allocate totally different quantities of cash to totally different jars, which will be saved or used for month-to-month and weekly budgeting.
On Thursday (19 March), Dublin fintech start-up My Cash Jar introduced that it has raised €1.3m, in a funding spherical led by Enterprise Eire.
The beginning-up, which promotes conscious spending and saving, closed the funding spherical after 18 months following a €700,000 funding. Along with the funding it obtained from Enterprise Eire, My Cash Jar additionally obtained funding from non-public buyers.
The corporate was based by Kevin Treacy in 2018, with the purpose of bettering the connection people have with their cash. The beginning-up says that its mission is to cut back monetary stress by bettering cash administration abilities.
How the platform works
With My Cash Jar, customers can obtain an iOS or Android app, the place they will enroll in only a few minutes, earlier than receiving a pay as you go Mastercard. As soon as signed up, customers can allocate totally different quantities of cash to totally different cash “jars”, which can be utilized to funds or save. For example, customers can create a weekly espresso jar, a month-to-month lease jar or a mortgage deposit jar.
To discourage dipping into jars when they don’t seem to be imagined to, customers can lock jars and nominate a member of the family or pal to behave as a “guardian” to that jar. The app additionally permits customers to share jars for joint financial savings or budgeting targets.
The corporate is piloting the expertise by means of office wellbeing programmes, the place employers are providing the platform to their staff, to assist alleviate monetary stress and enhance worker engagement. The beginning-up plans to launch its app for most of the people down the road.
Enhancing monetary resilience
Previous to the funding spherical, the start-up obtained Central Financial institution of Eire’s approval to function as a distributor of pay as you go monetary companies.
Treacy commented: “This funding spherical is a large enhance of confidence for us at My Cash Jar. It validates our perception that there’s a large alternative in serving to individuals improve their monetary functionality and resilience.”
Michael Browne, senior growth advisor at Enterprise Eire mentioned: “My Cash Jar has created an modern resolution to the massive scale drawback of individuals spending greater than they earn. This thrilling product is the one card in your pockets that desires you to spend much less.
“We absolutely assist their mission to empower a era to raised management their spending and create crucial financial savings habits.”