My Money Jar raises €1.3 million to make impulsive spending harder

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 funding round was led by Enterprise Ireland via their High Performance Start Up programme and includes several private investors.

Founded by Kevin Treacy in 2018, My Money Jar is a pioneer in the MoneyTech sector. MoneyTech focuses on improving people’s relationship with their money, where to date consumer FinTech has only sought to improve their banking while also making spending and access to credit easier. 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 an iOS or Android app, an IBAN and a prepaid Mastercard.  It takes less than 3 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.

To further increase users’ control over their money, 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.

Commenting on the successful fundraising Kevin Treacy said, “This funding round is a huge boost of confidence for us at My Money Jar. It validates our belief that there is a huge opportunity in helping people increase their financial capability and resilience.”

On this investment, Michael Browne, Senior Development Advisor at Enterprise Ireland stated, “My Money Jar has created an innovative solution to the large scale problem of people spending more than they earn. This exciting product is the one card in your wallet that wants you to spend less. We fully support their mission to empower a generation to better control their spending and create necessary savings habits.”

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.