MONVA launches new Crowdcube funding round; targets further £200,000 funding
By Megha Bhattacharya
FinTech MONVA has announced the launch of its latest fundraising round, targeting a further £200,000 investment via Crowdcube, ahead of a larger institutional round expected to take place towards the end of 2021.
FinTech MONVA is a new smart comparison service that uses customer data and artificial intelligence to personalise and revolutionise the price comparison customer experience. It was founded by CEO Steve Wiley and COO Stuart Wakefield, who previously held senior executive positions at MoneySuperMarket, MBNA and Virgin Money, with experience in FinTech and financial services.
CEO Steve Wiley said, “We’re proud to announce our latest round of crowdfunding following an exciting period of development for MONVA.”
“Price comparison sites were at the forefront of the digital revolution in financial services. However, innovation has slowed, and the mainstream model has become outdated, predicated on the user doing the hard work and built on a noisy, icon led marketplace. Despite their growth, there remains over 80% of people in the UK who have never switched a product, or switch rarely. Our smart technology and money saving assistant, Mo, represent the biggest advancement in the industry yet. Our aim is to serve not only those who use comparison today, but also those who have been put off from making important financial decisions and the potential of saving money by using services promoted by gimmicks that do little to support the customer.”
According to the company, its personalised service helps users make smart decisions, while its technology and automation mean there are fewer forms to fill in, making it simple to compare and buy. MONVA’s customers also receive guidance and support through Mo, the Money Virtual Assistant, which guides users through the comparison search, assists buyers in making their decisions and uses AI and machine learning to alert users to new personal offers.
“MONVA entered the market at an essential time for UK consumers. While COVID-19 caused a reduction in deals for credit products due to high uncertainty, this has given consumers time to consider their existing products and research new ones. As the economy and the financial services markets go back into motion and recover, so too will demand for price comparison.”
“Since our last raise in May 2020, MONVA has made incredible progress. We have hired several senior specialists; built partnerships with key brands to enable extensive product coverage across credit cards, loans and energy; and built key elements of our technology, launching into energy and credit card switching markets. We’re excited about the huge opportunity ahead of us to continue building MONVA and developing a next generation price comparison service for our users,” Wiley added.
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