Fintech startup Finch, “a financial app for your social life” raised $2.25million in seed funding in just three months after its launch.
The app that is catered towards millennials, has the vision to be the number one financial platform for them.
In a #humblebrag article on their website, Finch was selected one of eight spots in the award-winning Envestnet | Yodlee Incubator in Silicon Valley.
Envestnet was racked as the best fintech program in the US and number 2 in the world as well.
The Melbourne-based company didn’t stop shining there.
They are the first international company to be selected in that program.
The app is a reflection of the millennials and their needs, also aiming to help with financial awareness.
It uses relationship-based metrics, behaviour psychology to create an appeal for the targeted audience.
Co-founder Toby Gardner told StartupSmart that Finch is built around behaviours rather than products.
“We allow users to request money from friends, run tabs for payments when travelling, provide financial insights specifically around your social life, help users understand where all their money went last Friday night,” he said.
Gardner said Finch is “taking a different approach to how banks think about and serve customers.”
The money is sent immediately without the use of BSBs, challenging the usual money transfer we use with mobile banking and eliminating the anxiousness of waiting for the money to come in in a day or more.
What does the future hold?
According to Anthill, Finch will look to raise a $10-$15M Series A next year.
The funds will be used to complete product-market fit, scale product development, grow its Melbourne-based team and accelerate customer acquisition.
The app is available for both Apple and Android.
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