Top 20 financial wellbeing startups

Fintech

2021-01-06

Confido

10 minutes

It’s been a tough year financially. As the Financial Times puts it, ‘The pressures of the pandemic forced people to focus on their finances in 2020 like never before.’ This is sure to continue into the new year, with many trying new tactics to help improve their financial wellbeing.  

Nearly nine million people are in serious debt in the UK, with 11.5m having less than £100 in savings. With 39% of British adults (20.3m people) not feeling confident about managing their money, it’s time to evaluate the tools at our disposal. 

With fintech generating £2.4b in funding in 2019the sector has managed to maintain its position as the UK’s strongest high-growth sector in 2020. While it continues to flourish, fintech has had something of a negative reputation. While they may pay top salaries, many fintechs are built purely on a ‘tech for profit’ foundation, with several being accused of having poor, or ‘toxic’ internal culture 

What we’ve noticed more recently is a rise in Tech for Good within fintech, with startups looking to address the major social issues found between people and their finances.  

While the following startups fall into the fintech sector, we want to shine a light on those focused on improving the financial wellbeing of their users. “Financial wellbeing” is defined as having financial security and financial freedom of choice, in the present and in the future. 

Let’s take a look at the top 20 financial wellbeing startups...   

 

For families and kids  

gohenry 

About: gohenry is a pre-paid card and app with unique parental controls for young people aged 6 to 18. The app allows you to pay pocket money directly, teach good money habits, and let the kids lead the way. 

Company size: 101 to 250 employees 

Fundinggohenry has generated a total of $56.2m in funding over five rounds. Their latest funding was raised in Decemver 2020 from a Venture - Series Unknown round. 

Hapi  

About: Hapi is here to help you turbocharge your children’s future. Simply tell Hapi what your savings goals are and they’ll do all the calculations. They’ll then show you a smart way to reach them based on your priorities. From Junior ISAs to bare trusts, they’ve got you covered. 

Location: London 

Company size: 1 to 10 employees.  

Funding: Hapi is currently pre-seed, any funding rounds are unknown.  

 

Twine   

About: Grow your future together, with Twine. Twine is a saving and investing app, built for couples. With both partners contributing, you can build custom goals and track them together. You can also invest in a portfolio for greater growth potential.  

Location: USA 

Company size: 11 to 50 employees 

Funding: Any funding rounds are unknown.  


Charity  

GoodBox  

About: GoodBox builds custom contactless fundraising technology for charities. Through implementing contactless technology, GoodBox’s charity partners have seen an uplift of 64% in their donation income, plus an increase in their cash donations. 

Location: Manchester 

Company size: 11 to 50 employees 

Funding: Goodbox has raised a total of £8m in funding through four rounds. Their latest funding round was in October 2019. 

 

Beam  

About: Beam gives homeless people a career, pride and true independence through their crowdfunding platform. 100% of donations go towards helping homeless people get back into work.  

Location: London 

Company size: 11 to 50 employees 

Funding: Any funding rounds are unknown.  


Social impact investing 

C Note Finance 

About: CNote makes it easy for individuals and institutions to invest in a more inclusive economy. CNote investments drive economic justice in underserved communities across America. They also fund businesses owned by women and people of colour along with helping to develop affordable housing and increasing the number of dollars flowing into low-income and communities of color. 

Location: USA 

Company size: 1 to 10 employees 

Funding: The team has generated a total of $18.2m in funding over five rounds. Their latest funding was raised in August 2020 from a Seed round. 


Climb8 

About: Invest sustainably to fight climate change. Follow your values without compromising on returns. Climate change is the biggest problem ever to face the world. By investing in leading sustainable industries, you can help meet the climate change targets. Where you invest your money has the power to shape the world we live in. 

Location: London 

Company size: 1 to 10 employees 

Funding: Climb8 has raised a total of £4.5m in funding over 3 rounds. Their latest funding was raised in November 2020 through an Equity Crowdfunding round. 


Moneybox  

About: Earn interest on your savings, open a market-leading Lifetime ISA and invest in well-known companies via simple tracker funds. With minimum contributions being as little as £1, you can round up your everyday purchases to the nearest pound to use for your investments.  

Location: London 

Company size: 101 to 250 employees 

Funding: Moneybox has clocked up a total of $69.9m in funding over five rounds. Their latest round was in July 2020, in the form of an Equity Crowdfunding round. 


Tumelo 

About: Tumelo enables investment platforms and pension providers to engage investors by giving a transparent view of the companies they own and a shareholder voice on issues they care about. Tumelo wants to empower people to engage with issues they really care about, and help investment firms connect with customers so they can better serve people and protect our planet. 

Location: Bristol  

Company size: 1 to 10 employees 

Funding: Tumelo have raised a total of £1m in funding over 2 rounds. Their latest funding was raised in September 2019 from a Seed round. 


Financial planning  

Money Dashboard 

About: Money Dashboard is a personal financial assistant that shows you exactly where money goes and helps you make better decisions. Use it to connect to all your current accounts, savings accounts and credit cards from whichever institutions you bank with, all together in one secure place. 

Location: Edinburgh 

Company size: 11 to 50 employees 

Funding: The team has secured a total of $15.6m in funding. This includes over £4m through two equity crowdfunding rounds with Crowdcube 

 

Wagestream 

About: Built for businesses, Wagestream gives employees access to a set of tools that build long-term financial resilience. Charity-backed, they design all their products with financial wellness as the guiding principle. They work with your employer to give you access to your money when you need it, making payday the way it should be.  

Location: London 

Company size: 11 to 50 employees 

Funding: Wagestream has raised $79.3m in funding over 4 rounds. Their latest funding was a Series B round in the summer of 2020.  


Chip 

About: Chip uses AI to save up money for you and get you better returns, all automatically. Chip analyses your transactions and calculates what you can afford to save every few days. You're still in control and can cancel or amend any of your auto-saves before they happen. 

Location: London  

Company size: 51 to 100 employees 

Funding: Chip has generated a total of £35.6m in funding over eight rounds. Their latest funding was raised in September 2020 from a Series A round. 


Cleo 

About: Ever catch yourself thinking ‘Can I afford it?’ Ask Cleo, she’ll be straight with you. The Cleo app brings you personalized budget and spending breakdowns, budgeting tips and help with bills.  

Location: London  

Company size: 51 to 100 employees 

Funding: Cleo has raised a total of $57.3m in funding over five rounds. Their latest funding was raised in December 2020 from a Series B round. 


Emma 

About: Emma helps you in avoiding overdrafts, finding wasteful subscriptions and giving the control you need over your finances. Emma analyses your transactions to give you the full list of recurring payments across your accounts, so you can reduce unnecessary spending.  

Location: London 

Company size: 11 to 50 employees 

Funding: The Emma team have generated a total of $3.1m in funding over two rounds. Their latest funding was raised in March 2020 from a Seed round. 


Canopy 

About: Canopy want to help you get the best deals on your household expenditure, meaning you can cut down on those monthly bills, stay on top of your rental budget and improve your Experian credit score. 

Location: London Any funding rounds are unknown. 

Company size: 1001 to 5000 employees 

Funding: Canopy has raised $9.6m in funding over three rounds. Their latest funding was raised in July 2020 from a Seed round. 


Moneyed 

About: Increase your financial literacy with a Moneyed workshop and ensure ongoing financial wellbeing with the Moneyed app. The app gives you financial transparency across your accounts, helps you plan for the future and provides guidance on reducing debt and increasing savings.  

Location: London 

Company size: Unknown 

Funding: Moneyed is at pre-seed stage, any funding rounds are unknown.  


Yolt 

About: New savings habits start with small steps – and small change. Use your Yolt Card for everyday spending and save automatically as you go. Save while you spend with automatic roundups and Jar boosters.  

Location: Amsterdam 

Company size: 11 to 50 employees 

Funding: Any funding rounds are unknown.  


Finimize 

About: Finimize is on a mission to empower its users to become their own financial advisers. Get the lowdown on the day’s top financial stories and what they mean for you with Finimize’s five-minute daily updates.  

Location: London 

Company size: 11 to 50 employees 

Funding: Finimize has raised total of £450k in funding over one round. This was a Seed round raised in November 2016. 


Clarity Money 

About: Forgot you were paying for that streaming service? Never go to that gym? Monitor recurring expenses so you can cancel unwanted subscriptions. Make your money work hard for you with a Clarity Money High-Yield online savings account.  

Location: USA 

Company size: 11 to 50 employees  

Funding: Clarity Money has generated $14.5M of investment over two rounds. Their latest funding was raised in March 2017 from a Series B round. 


Mint 

About: Mint’s free budget tracker helps you understand your spending better for a brighter financial future. The Mint app lets you check your credit score as often as you’d like, and gives you tips on how to improve it.  

Location: USA 

Company size: 5,000 to 10,000 employees 

Funding: The team have generated a total of $31.8m in funding over five rounds. Their latest funding was raised in August 2009 from a Series C round. 


It’s amazing to see so many innovative startups in this space. We want to do everything we can to help support them and the fantastic work they’re doing. 

If you belong to a financial wellbeing startup and would like to have a chat about how we could scale your Product or Tech teams, do get in touch at contact@confidotalent.com 

Have we missed your favourites? Let us know on Twitter or LinkedIn, we’d love to hear from you!  

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