Calculus leads £2.7m round for Money Dashboard

Calculus provided the majority of the funding.

Money Dashboard has also formed a partnership with branding agency Zag – a division of advertising agency Bartle Bogle Hegarty – to facilitate the launch of the company's services. Through the partnership, Zag will also become a shareholder of Money Dashboard.

The fresh funding will allow Money Dashboard to develop new services, expand its user base and further develop its existing technology platform. The company also plans on creating mobile applications for the service.

Company
Founded in 2010, Money Dashboard is headquartered in Edinburgh. The company provides financial management software for personal use. The software allows users to view all current accounts, savings accounts and credit cards in one place, regardless of whether a customer banks with several institutions.

The service is designed to provide information on day-to-day spending by category such as food and leisure, debt/savings and credit. The software also predicts future spending and end-of-month savings by analysing past spending patterns.

Money Dashboard uses a transaction tagging system to recognise purchases and algorithms to provide forecasts. Its technology is read-only as a security measure, meaning no money can be moved and no transactions can be processed through the site.

The service is free. Money Dashboard creates partnerships and will recommend financial products and services to users of its software. If users select products offered by Money Dashboard's partners, the company earns a referral fee.

The company expects to generate the majority of its revenues from utilising data to offer its users switching service information for products such as loans, broadband, fixed line and satellite TV packages.

People
Gavin Littlejohn is the founder of Money Dashboard. Susan McDonald is the chairman of Calculus.

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