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Oval Money

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Spend smart, save easy, invest consciously and pave the way to a better financial future with Oval.

111%
 - 
Funded 23 Nov 2019
£1,000,001 target
£1,318,338 from 2,004 investors
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Business overview

Location London, United Kingdom
Social media
Website www.ovalmoney.com
Sectors Finance & Payments Digital B2C
Company number 09990597
Incorporation date 5 Feb 2016
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Investment summary

Type Equity
Valuation (pre-money) £47.8M
Equity offered 2.28%
Tax relief

EIS

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Business highlights

  • More than 350,000 users onboarded in 2.5 years
  • £ 110 saved per month on average by our users
  • £ 3.1 billion worth of transactions categorised
  • Over $11 million in investment from international corporations
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Key features

  • Secondary Market
  • Seedrs nominee min. £10.98 +
  • Idea
  • Key information
  • Team
  • Updates
  • Investors 2,004
  • Discussion
  • Documents

Idea

Introduction

We believe that everyone should have access to the necessary tools to build healthy financial habits.

With Oval you can spend smart, save easy, invest consciously and pave the way to a better financial future.

Today, users can select one or more of Oval’s services and integrate these with their existing banks and cards:

- Oval Coach provides tailor-made financial missions, promoting good financial habits.
- Oval Future helps users set aside savings and invest in their future through our marketplace of financial products, automatically and on a recurring basis.
- Oval Activities keeps track of every financial activity across any card and account, linked to the app in open banking. It analyses transactions to help users better understand and then manage their spending habits.
- Oval Pay, currently launched only in Italy, is the only current account in Europe that we believe allows users to automatically save and invest in their future while they spend.

Please note that the company has an approved employee option pool representing 19% of the fully diluted share capital. This hasn't been reflected in the pre-money valuation of the campaign. The fully diluted pre-money valuation of the company is £58,917,717.42.

Intended impact

Oval speaks to a generation of digital natives with busy lives and many dreams, but low financial education. They live on flexible incomes, variable expenses and have limited access to financial products.

As an independent distribution platform, we aim to cater for this generation, 25 to 35 year old young adults, by facilitating access to a wide range of products, streamlining complex onboarding processes, and providing a transparent overview of their money. We believe that:

Access to financial products shouldn’t be closed to be just for the wealthy few. We want to give the tailored financial experience of high net worth individuals to everyone.

Fairness means transparency in what we do; making the small print visible and understandable for our users. We aim to simplify the journey towards being money wise.

Education is essential for growth. We provide a variety of educational materials, such as our blog and community, helping build the confidence to make conscious financial decisions.

Substantial accomplishments to date

We launched in April 2017, and more than 350,000 users onboarded in 2.5 years. We are backed by international leading corporations such as Intesa Sanpaolo Group, and a number of prominent tech entrepreneurs, who have invested over $11 million.

Our numbers:

350,000+ users onboarded onto a new financial journey
10,000 people subscribed to Oval Pay in less than one week
£ 110 saved per month on average by our users
£ 3.1 billion worth of transactions categorised
2 headquarters in 2 countries
50+ team members
$11+ million in investments

Furthermore, we are proud to have been recognised by prominent organizations with a multitude of prizes and recognitions like:

- Best Mobile App at the Robo Investing Awards 2019

- Acclaimed leader in AI in Financial Services by Innovate Finance

- One of the best money apps for saving by The Independent

- One of the best budgeting apps by Which?

- One of the 5 hottest young Italian scale-ups by The Next Web

Monetisation strategy

We strive to become the leading platform to manage the path to financial health. In order to do this, we have chosen to implement a freemium model. Access to the platform and the app will always be free for users as we believe that we need to encourage use.

Being a two-sided marketplace, we have selected to make revenue in two ways:

- We charge financial providers and services a fee to use our platform for the distribution of their financial products, as well as the management of the users. This includes services of user onboarding like KYC, AML, proof of address, appropriateness assessment, and post sale services like dedicated in app customer support.

- In early 2020 we plan to launch Oval Prime, a premium version of the app that will provide an enhanced experience and exclusive access to certain products, charging the customer on a monthly subscription basis.

Use of proceeds

This campaign comes just after another investment from a leading European Asset Manager, with around €300 billion in assets under management, that believes in our value proposition.

We will use the proceeds of both rounds for two main projects:

- Expanding the Oval platform from Italy and the UK as major markets to a number of other southern European markets, starting from Spain, thus spending on new key hires and marketing campaigns.

- Grow our product offering in the Oval Future section. We aim for this to include the ability to access early stage investments through Seedrs as a new asset class for our investors. Other fixed rate products that our users have loved in the past are in our pipeline, as well as many more investment opportunities from exciting new partners.

This crowdfunding campaign offers you the unique opportunity to be part of our growth story and our future success. Support Oval, and lets build finance that you can love together!

Please review the "Key Information" tab for further details about the company's share class structure and recent investment round.

Key information

Key information

Valuation
The company has an approved employee option pool representing 19% of the fully diluted share capital. This hasn't been reflected in the pre-money valuation of the campaign. The fully diluted pre-money valuation of the company is £58,917,717.42.

Share classes

The company currently has 5 classes of shares, Ordinary A shares, Ordinary B shares, C Investment Shares, Preferred D Shares and one Z Share (which has no rights other than in a share of the proceeds on exit and liquidation).

All investors in this round, including Seedrs investors, will be receiving Ordinary B shares

Ordinary A shares are held by founders and hold the same rights as Ordinary B shares.

The Ordinary B Shares:

· Participate in any distribution of assets or proceeds, subject to the preferential returns of the Preferred D Shares and the Z Share as explained below.

· Voting rights, to be administered by the Seedrs Nominee.

· Pre-emption rights on the new issue of shares which are not taken up first by the Preferred D Shareholders.

C investment Shares are from the company's previous crowdfunding round and do not hold voting rights.

Special rights attach to the Preferred D Shares and the Z Share:

In the event of a liquidation or exit, the proceeds will be distributed as follows:

· either (i) first in paying each of the Preferred D Shareholders and the Z Shareholder an amount equal to their investment, then (ii) the remaining distributed pro rata between Ordinary A shareholders and Ordinary B shareholders; or

· among all participating shareholders pro rata to the number of shares held.

The Preferred D Shares also enjoy certain anti-dilution rights.

Investment

In August, Oval Money signed terms with a strategic investor and commercial partner for up to £4m in funding. The first tranche of that funding has recently been received. It is important for investors to understand the terms of this investment. Oval Money will not be revealing the identity of the strategic investor at this time:
· The strategic investor has received equity representing 12.5% of Oval’s share capital.

· In exchange for this equity and the various commercial arrangements entered into:

o The strategic investor has made a capital investment of £2.5m.

o The strategic investor is due to make a further capital injection (for no additional equity) of £1.5m, provided the company meets its planned fundraising milestones by 30 June 2020.

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If you successfully purchase a share lot of this business, you will be granted access.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

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Investing carries risks, including loss of capital and illiquidity. Please read our Risk Warning before investing.

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

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Seedrs Limited is authorised and regulated by the Financial Conduct Authority (No. 550317).

© Seedrs Limited 2021. All rights reserved. Seedrs is a registered European Community trademark (No. 008771537) and registered United States service mark (No. 85423072) of Seedrs Limited, a limited company registered in England and Wales (No. 06848016), with registered office at Churchill House, 142-146 Old Street, London EC1V 9BW, United Kingdom, VAT No. GB 208 3065 32. Seedrs.com is a website owned and operated by Seedrs Limited.

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For information on how Seedrs uses your personal data, please review our Privacy Notice.
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Seedrs Limited is authorised and regulated by the Financial Conduct Authority (No. 550317).

© Seedrs Limited 2021. All rights reserved. Seedrs is a registered European Community trademark (No. 008771537) and registered United States service mark (No. 85423072) of Seedrs Limited, a limited company registered in England and Wales (No. 06848016), with registered office at Churchill House, 142-146 Old Street, London EC1V 9BW, United Kingdom, VAT No. GB 208 3065 32. Seedrs.com is a website owned and operated by Seedrs Limited.

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This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.
This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.
Valuation rounded from £47,809,244

Pitch type

There are 4 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Secondary

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs.

Seedrs nominee

This shareholding type is available with this raise.

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Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This shareholding type is available and the minimum investment required to select it.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.