Fintech startup Blackbullion has raised about €2.8 million in fresh capital for its financial wellbeing platform dedicated to supporting students and young people. The London-based startup will now scale its development and push forward its mission to empower more young people.
Amidst a growing cost-of-living crisis and in the grips of the global economic crisis, young people are understandably concerned about their financial futures. It’s not helped by the fact that many young people don’t have access to quality financial education, and many are left overwhelmed and confused by the system, not quite sure how best to financially protect themselves for the future.
Aiming to change this, equipping young people with money skills for life, is London-based Blackbullion. Now, the startup has received new investment and is set to scale the platform.
Fresh funding
The purpose-driven fintech has now picked up about €2.8 million in a new funding round.
The oversubscribed round was led by Calyx Venture Fund with existing investors including Lord Stanley Fink and MPA Education, also participating; Blackbullion is the first investment for MPA’s second fund.
Fintech for good
Founded in 2014 by Vivi Friedgut, Blackbullion has been developed with a vision to make a difference for young people, equipping them with the financial savvy to improve their economic situation and help students access funds.
Vivi Friedgut, founder and CEO of Blackbullion, explained: “We founded Blackbullion to make financial wellbeing accessible to all young people, through great financial education and better, more inclusive access to funds. The current cost-of-living crisis makes this more urgent than ever, as we continue to create solutions truly focusing on students’ specific financial needs. We’re beyond excited to make this happen, with this new breed of operator-led investors, as we head into our next phase of growth.”
The platform is deployed by over 50 universities, colleges, and higher education organizations across the UK, Ireland, New Zealand, Australia, and South Africa. Over 1.2 million students have access to the platform and 92% report increased financial confidence as a result. To date, Blackbullion’s university partners have awarded £10 million of funds to almost 15,000 students through their proprietary Funds Management System.
The platform is deeply embedded within student support departments to help with funds distribution and provide financial education, giving students the skills and confidence to create a money-smart future.
Partners include prestigious academic centres such as Imperial College London, Nottingham Trent University, King’s College London, UA92 and Central Queensland University.
The investment will be used to scale product development, and funds-specific features as well as an ambitious hiring plan. It will also support the integration of The Scholarship Hub further into the Blackbullion platform, following its acquisition this spring.
Chris Donegan at The Calyx Venture Fund added: “This was an opportunity for us to invest in a fintech company truly committed to taking on a major global challenge, driving financial inclusion, through financial education. Blackbullion has a strong business model, great leadership and real business fundamentals which is why this is such a great proposition for us. We’re looking forward to working with Vivi and her team to help make this mission happen faster.”