My Money Jar enables users to allocate different amounts of money to virtual ‘jars’ that can be saved or used for monthly and weekly budgeting.
Today (19 March), Dublin fintech start-up My Money Jar announced that it has raised €700,000 in a funding round led by Enterprise Ireland. This brings the total amount raised by the start up to €1.3m over the last 18 months.
In addition to funding from Enterprise Ireland’s High-Potential Start-up programme, My Money Jar has also received backing from private investors.
The company was founded by Kevin Treacy in 2018 with the goal of improving the relationship individuals have with their money. The start-up says that its mission is to reduce financial stress by improving money management skills, and promote mindful spending and saving.
How the platform works
With My Money Jar, users can download an iOS or Android app and set up an account, which is linked to an IBAN and a prepaid Mastercard.
Once signed up, users can allocate different amounts of money to various ‘jars’ that can be used to budget or save. For example, users can create a weekly coffee jar, a monthly rent jar or a mortgage deposit jar.
To discourage dipping into jars when they are not supposed to, users can lock jars and nominate a family member or friend to act as a ‘guardian’ to that jar. The app also allows users to share jars for joint savings or budgeting goals.
The company is piloting the technology through workplace wellbeing programmes, where employers can offer the platform to their employees to help alleviate financial stress and boost employee engagement. The start-up plans to launch its app for the general public in the future.
It has received approval from the Central Bank of Ireland to operate as a distributor of prepaid financial services.
Improving financial resilience
“This funding round is a huge boost of confidence for us at My Money Jar,” Treacy said. “It validates our belief that there is a huge opportunity in helping people increase their financial capability and resilience.”
Michael Browne, senior development advisor at Enterprise Ireland, added: “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.”