Irish startup My Money Jar, that startup that hopes to reduce financial stress and global waste through more mindful spending, has closed a funding round of €700K, led by Enterprise Ireland and a number of private investors. This brings its total raised in the last 18 months to €1.3 million.
My Money Jar, founded in 2018, is the brainchild of Keven Treacy. By combining psychology and financial tools, such as behavioural psychology and budgeting tips, the app helps users to keep an eye on their money in a more holistic way. When users sign up they can access via the app (available on iOS or Android), and get an IBAN number and a prepaid Mastercard.
The way it helps users save is by allowing them to move money to different “money jars”, that can be saved for different goals, like trips, a big purchase like a car or for a rainy day. To increase accountability, users can ask their friends or family to ‘lock’ the money jars to give more control over their spending, or shared with joint saving goals. The app is now available through workplace well-being programmes.
“This funding round is a huge boost of confidence for us at My Money Jar. It validates our belief that there is a huge opportunity in helping people increase their financial capability and resilience,” said founder Treacy.
