London based personal finance app oval has raised €1.2m in Series A funding backed by Gruppo Intesa SanPaolo, b-ventures, DOCOMO Digital and Bertoldi Group Family Office. Oval aims to help users grow their savings in less time by teaching them to monitor spending habits and make saving virtually automatic.
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Oval secures €1.2m Series A
So how does it work? Oval users achieve savings using commands that tell Oval to make a deposit into the app’s secure digital savings account each time there is new income or spending in a linked account. Oval says the system is based on the latest research from financial experts and behavioural economists. Users are to make financial decisions through a combination of technological solutions and the suggestions and advice of other users. There are three types of programs: round-ups that save the spare change from transactions, percentage saving that puts aside an amount equal to a fixed percentage of a transaction or income, and fixed amount saving which saves an amount chosen by the user each time a transaction is made at a specific merchant or on a specific category or user tag.
