MyMonii, founded by Louise Ferslev in Copenhagen in 2015, is an app for the whole family that makes it fun and easy for children and young people to learn about the value of money.
Children and young people can get an overview of their expenses as well as set financial goals, while parents are given a simple tool to manage pocket money and savings. The startup also provides a MyMonii Mastercard.
The fintech startup raised an investment of roughly €675 000, and has now taken the first small steps towards an international growth journey.
The capital injection comes from the five business angels Jakob Bendsen, Morten Møller Holst, Sune Alstrup, Louise Ertman Baunsgaard and Susanne Brønnum as well as through a business angel matching loan from Vækstfonden who helps entrepreneurs with average or poor credit. The latter three business angels have played key roles in companies such as The Eye Tribe, Letz Sushi and Nets.
“We have proven that there is a willingness to pay to have a card and a digital savings for children and young people under the age of 15, and we are now at a place where we are ready to scale. Our new investors bring skills and experience that will have a positive impact on us in this journey,” – says Louise Ferslev, CEO and founder of MyMonii.
The capital injection will be used to develop and refine the elements that will further strengthen MyMonii’s product and create growth both locally and overseas. Right now, Germany in particular is of interest to the fintech company, and the initial market analyses are expected to begin shortly.
In parallel with the investment round, MyMonii has relaunched its app, where the focus has been on creating a top-class user experience. It is essential to have a young audience that expects a fast and simple digital experience.
“A fintech startup like us must never rest on our laurels and feel that we have hit the spot. We are on a constant mission to find out what users want – before they even know it. This is what has made us a leader in the field in Denmark and hopefully also soon abroad,” – says Louise Ferslev.
Today, there is both a free and premium version of the app for Android and iOS, which has been downloaded more than 230 000 times.