Debt management app receives funding boost

A new mobile app that was created to help people better understand their debts has received a huge funding boost after attracting investors.

Money Dashboard was launched in the UK five years ago after its creators claimed there was a gap in the market for an app that helped with debt management whenever and wherever you are.

Since details of the app were released into the public domain, it has received a host of cash injections in exchange for a proportion of equity of the business. However, a new investor has now come and given Money Dashboard its biggest cash windfall to date.

Private equity firm Calculus Capital has laid its cards on the table and paid a whopping $3.7 million (£2.5 million) for a stake, taking the total value of the app to $8.3 million (5.5 million).

The app works using a number of collaborative features, that come together to form practical and up-to-the-minute advice on how to better manage your finances. Users are able to link their online banking profile with receipt of their purchases.

Money Dashboard then tracks everything the user spends money on and tags it under a certain category. For example, categories include 'groceries', 'business spending', 'socialising' and many more.

This means that rather than aimlessly track how much we are spending each day or each month, then come to the conclusion we are not budgeting well enough, we are able to pinpoint exactly what area it is where we are overspending.

In addition, the fact that users are able are able to receive notifications as soon as they spend on something under 'dangerous' category is hugely advantageous. It essentially means we are able address any impending debt problems before it is too late.

If you feel like your debts are out of control and urgent action needs to be taken, do not hesitate to call us on 0800 019 2095.