Comparison service Monva exceeds £250k crowdfund target

A COMPARISON service fintech started by former executives at MoneySuperMarket, MBNA and Virgin Money has exceeded its crowdfunding target.

Deeside-based Monva is a new smart comparison service which looks to use its technology and virtual money-saving assistant, Mo, to give customers access to better deals which are tailored for them.

It is the brainchild of chief executive Steve Wiley and chief operating officer Stuart Wakefield, who previously held senior executive positions at MoneySuperMarket, MBNA and Virgin Money, with decades of experience in fintech and financial services.

Now Monva – which is also backed by the Development Bank of Wales – has announced it has exceeded its initial crowdfunding target of £250,000 as it enters a period of overfunding across the next two weeks.

Mr Wiley said: “Despite the challenging economic climate, we’re proud to announce we have exceeded our initial crowdfunding target, showing the strength of the service Monva has to offer and the enthusiasm for something different to challenge the sector.”

The fintech combines AI, machine learning and smart technology to save customers time and money on a variety of financial products including credit cards, loans, energy and communications.

Mr Willey added: “The comparison sector has been desperate for innovation, and we believe customers deserve more than the service and advertising gimmicks that they are currently receiving.

“Our smart comparison service and virtual money-saving assistant, Mo, represents the biggest advancement in the industry yet, and can help more people save more time and more money than ever before. It’s now more important than ever to save money on outgoings.”

Monva has raised more than £311,000 on its Crowdcube page.