Austrian fintech Monkee raises 6-digit investment to help people achieve their savings goals
Innsbruck-based Monkee has raised funds in a seed round from Luxembourg’s European Super Angel Club and the startup’s previous backer V/G Ventures. The amount of investment is undisclosed, der brutkasten reports.
Founded in 2018 by Christian Schneider and Martin Granig, Monkee develops an app that is aimed to help people to improve their financial habits and achieve individual savings targets. It combines behavioral design, gamification and machine learning to support users in spending and saving more into balance.
The pandemic only accelerated the growth of Monkee. As Granig said, conscious consumption and new financial behavior came to the fore, so users started to save almost three times more monthly during that time. To support the trend, the startup introduced a new FutureBoost cashback service in summer 2020. According to Schneider, this function helped Monkee to gain new customers and successfully resist the crisis.
The startup is planning to continue acquiring new customers on the Austrian and German markets, where it operates.