A start-up app which helps people manage their money according to their personality has raised 拢300,000.
London-based Quirk听uses unique personality testing to deliver tailored financial advice to young professionals.听
The听pre-seed funding听comes听from SFC Capital and angel investors听and will听be听used听to grow its team听and听expand its听product offering.听
The tests are based on听accepted psychological principles. For instance, Quirk has identified that men are three times more likely听than women to enjoy buying expensive products to impress others, and that people who score high in neuroticism/emotionality tend to make more听money but will also save less.听
With support from expert psychologists, Quirk听says it听uses听the latest behavioural research to deliver a personalised product experience with educational content and insights about users鈥� spending habits.听听
It also gives users听access to data about their听money听by听connecting听their听bank accounts,听tracking subscriptions and setting up听鈥�spending goals鈥�.听
More than 10,000 people have taken Quirk鈥檚 鈥渕oney听personality test鈥� since launch in April last year.听
Quirk currently has more than 1,000 beta users using the app, with a further 5,000听people on the waiting list.听听
Both iOS and Android versions are available for beta testers through the Quirk website, and the apps will launch publicly on app stores in March 2021.听
Co-founders Nafeesa Jafferjee and Nikos Melachrinos
鈥淭here is no 鈥榦ne size fits all鈥� answer when it comes to managing your finances,鈥� said Nafeesa听Jafferjee, chief of product.听
鈥淲hat should I do with my savings? What鈥檚 the difference between good debt and bad?听听
鈥淎 lot of young people we talked听to felt there was a lot of information out听there,听but it lacked context on their financial situation and advice on what tangible actions they should take.鈥澨�听
Ed Stevenson,听investment听executive听at SFC Capital, said:听鈥淔inancial听planning has become more important than ever, with the cost of living and asset prices skyrocketing.听听
鈥�We were impressed by the Quirk team鈥檚 ability to design a product that would appeal to Millennials and Gen Z, and ultimately help put them on a path to financial听independence.听听
鈥�Users gain control over their personal finances in a听simple,听fun and engaging way, all the way from their first pound in the bank through to retirement and beyond.鈥�听