My Money Jar, a Dublin-based start-up that promotes mindful spending and saving, has closed a funding round of €700,000, taking its total fundraising to more than €1.3 million over the past 18 months.
The funding round was led by Enterprise Ireland and includes several private investors.
Founded by Kevin Treacy in 2018, My Money Jar aims to reduce financial stress through combining budgeting tools with behavioural psychology. The platform comprises an iOS or Android app, an Iban and a prepaid Mastercard.
The app allows users to allocate different amounts of money to different “money jars” to save for particular goals – be it a holiday, a mortgage or something less significant.
To increase users’ control over their money, jars can be “locked” by nominating a friend or family member as guardian. They can also be shared with others for joint savings or budgeting goals.
Payments can be processed instantly from within the Money Jar app, or automated to make recurring expenditure easier to manage.
Currently, the app is only being provided to employees through their employers’ workplace well-being programmes.
My Money Jar has received Central Bank approval to operate as a distributor of Prepaid Financial Services.
“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 Mr Treacy.