Back in April Oval Money launched with the idea of combining expense tracking, saving, and investing into one app, while also adding a social element by enabling its community of users to share tips and suggestions to one another. The idea is to help users grow their savings in less time by teaching them to monitor spending habits and make saving virtually automatic. The company has raised €1.2M in funding, largely from Italian investors.
The startup is launching a raft of investment products for socially-conscious savers.
Beginning with three funds – supporting gender diversity in boardrooms, flexible working and the brands that millennials trust – the investments marketplace will be available to customers in the smartphone app this summer.
The “Women at the Table” fund will allow investors to support companies that ensure that at least 20% of board members are women, while a “Belong but Work Remote” fund promotes the growing flexible jobs economy.
“Generation Millennials” will track the leading consumer brands that millennials are into most.
The three are the first of 20 cause-themed products to be released in the marketplace.
Oval co-founder Benedetta Arese Lucini said: “Young people want to invest in the causes they care about. We’ve been listening to millennials for a long time, and these products will mean not only can we help people start to save towards their futures, but we can provide them with the opportunity to invest in companies which are really making a difference in the world.”
Oval Money uses machine learning to review the individual spending habits of its users, and adjusts saving automatically.
A beta-test of the marketplace begins today. By updating the app, Ovalers will be able to go through an initial set of questions about what type of investor they are and will be encouraged to share with friends. The users that share the most will get a privileged access to the beta
The firm will also launch opportunities to invest in cryptocurrency, insurance and other alternative finance products over the rest of the year.
Also today, it has launched its product to 20,000 tobacconists across Italy via Intesa SanPaolo Group’s bank Banca 5, reaching a so-far-unserved demographic of immigrants and young people. Banca 5, which already provides a physical banking experience through tobacconists, will now be able to offer consumers new, online services through Oval Money’s app.