FinTech Quirk raises £300k in pre-seed funding; to enhance its personality-based finance app
By Megha Bhattacharya
Consumer FinTech startup Quirk has secured £300,000 in pre-seed funding from SFC Capital and angel investors. The funding is expected to help the company to grow its team and expand its product offering. Quirk uses unique personality testing to deliver tailored financial advice to young professionals.
“There is no ‘one size fits all’ answer when it comes to managing your finances. What should I do with my savings? What’s the difference between good debt and bad? A lot of young people we talked to felt there was a lot of information out there but it lacked context on their financial situation and advice on what tangible actions they should take.” said Nafeesa Jafferjee, Co-Founder and Chief of Product at Quirk.
The unique personality test is based on psychological principles such as the “big five” personality traits – to understand users in detail and deliver personalised advice. The company stated that its test has helped identify that men are three times more likely than women to enjoy buying expensive products to impress others, and that people who score high in neuroticism/emotionality tend to make more money, but will also save less.
Nikos Melachrinos, Co-Founder & CEO, said, “With the wealth of data and intelligence now available to people, nobody should be left feeling vulnerable or guilty when it comes to managing their money. Nor should financial services providers profit from vulnerable users by monetising bad decisions or benefiting from a lack of transparency – which remains a key revenue driver for many, despite tighter regulation. In these uncertain economic times, it has been even easier to encounter sudden financial difficulties, so having a better understanding of your money and personal finance is more important than ever.”
Quirk leverages open banking to provide users with access to a wealth of data about their money, presented in an actionable way. Quirk delivers functionalities including – connecting a user’s different bank accounts to tracking subscriptions and setting up “spending goals”, customise the experience, and deliver financial advice based on the information users share.
Ed Stevenson, Investment Executive at SFC Capital, said, “Financial planning has become more important than ever, with the cost of living and asset prices skyrocketing. We were impressed by the Quirk team’s ability to design a product that would appeal to Millennials and Gen Z, and ultimately help put them on a path to financial independence. Users gain control over their personal finances in a simple, fun, and engaging way, all the way from their first pound in the bank through to retirement and beyond.”
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