My Money Jar raises €1.3m to promote thriftiness

Kevin Treacy, My Money Jar
Kevin Treacy, My Money Jar

Moneytech start-up helps users substitute thoughtless spending for sound budgeting

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23 March 2020 | 0

My Money Jar, the Dublin-based moneytech company that promotes more mindful spending and saving, has closed a funding round of €700,000 taking their total fundraising to over €1.3 million in the past 18 months. The round was led by Enterprise Ireland through their High Performance Start Up programme along with several private investors.

Founded by Kevin Treacy in 2018, My Money Jar’s mission is to reduce people’s financial stress by increasing their ability to manage their money effectively.

My Money Jar comprises of an iOS or Android app, an IBAN and a prepaid Mastercard. It takes less than three minutes to create an account and then the app allows the user to allocate different amounts of money to different money jars. Jars can be created for any budgeting or savings goal, be it a weekly coffee jar, a monthly rent jar or a mortgage deposit jar.

 

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Jars can be locked by nominating a friend or family member as Guardian. Jars can even be shared with others for joint savings or budgeting goals, which is a bit like having a shared kitty inside a WhatsApp group. Payments can be processed instantly from within the app, or automated to make recurring expenditure easier to manage.

Currently, My Money Jar is only being provided to employees through their employers’ Workplace Wellbeing programmes. Employers are motivated to invest in financial wellbeing solutions for their staff to alleviate money stress, but also to boost employee engagement and loyalty. In the future, My Money Jar will be available directly to anybody who wants greater control over their spending and saving.

My Money Jar has received Central Bank of Ireland approval to operate as a distributor of Prepaid Financial Services, one of Europe’s largest eMoney issuers with programmes active in 25 countries.

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