Pictured: Kevin Treacy, Founder and CEO of My Money Jar
Business & Finance highlights an up-and-coming start-up making waves in its industry. In this article we look at My Money Jar, a financial wellbeing app that helps users reduce financial stress by combining budgeting and savings tools, behavioural psychology, and current account functionality all in one place.
What is it?
My Money Jar is a mobile app that helps you control your impulsive spending and to live within your means. It incorporates an IBAN and prepaid Mastercard, allowing users to allocate their money to customised digital money jars.
Jars can be locked until needed by appointing a guardian, and recurring payments. For example rent or bills can be easily automated in the app. Users can also create shared jars with their friends and family for joint expenses like birthdays or holidays.
By better managing their outgoings, users can then spend their disposable income without financial stress or guilt.
Who’s behind it?
Kevin Treacy, Founder and CEO, says the original idea for My Money Jar came to him a few years ago after making one impulsive purchase too many.
He was introduced to Co-Founders Jonathan Staunton and Johan Reveillard 18 months ago, and since then they have been building this innovative business supported by a small, talented team in Ireland and Poland.
How is it funded?
We completed a €700,000 funding round last December which was led by Enterprise Ireland via their High Performance Start Up programme. This brought the total fundraising to over €1.3 million to date – this includes investments from a number of private individuals, and friends and family.
For now, My Money Jar is only accessible through leading employers’ Workplace Wellbeing Programmes in Ireland, but we have plans to scale the business internationally, with both UK and US markets being a major target. Further down the line we plan to release a direct to consumer version, with a host of additional features aimed at increasing financial resilience and literacy.