Spend smart, save easy, invest consciously and pave the way to a better financial future with Oval.
Business overview
Location | London, United Kingdom |
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Social media | |
Website | www.ovalmoney.com |
Sectors | Finance & Payments Digital B2C |
Company number | 09990597 |
Incorporation date | 5 Feb 2016 |
Investment summary
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
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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