Quirk, a fintech startup that uses personality testing to deliver bespoke financial advice to young professionals, has raised £300,000 in pre-seed funding. The app aims to embrace people’s uniqueness to help them take control over their money.
More than 10,000 people have taken Quirk’s test since it launched in April last year. By using a unique money personality test – based on the ‘big five’ personality traits – Quirk aims to understand users in detail in order to deliver personalised advice.
According to Quirk, the app has so far identified that men are three times more likely than women to enjoy buying expensive products to impress others. Furthermore, people who score high in neuroticism or emotionality tend to make more money, but will also save less.
Nafeesa Jafferjee, co-Founder and chief of product at Quirk, says: “A lot of young people felt there was a lot of information out there but it lacked context on their financial situation and advice on what tangible actions they should take.”
Seed funding success
The £300,000 investment from SFC Capital and angel investors will grow the Quirk team, expand its product offering, as well as fuel its mission to build financial freedom for everyone. It follows previous investment from Alpha by Telefonica.
Nikos Melachrinos, co-founder and CEO, adds: “With the wealth of data and intelligence now available to people, nobody should be left feeling vulnerable or guilty when it comes to managing their money. Nor should financial services providers profit from vulnerable users by monetising bad decisions or benefiting from a lack of transparency – which remains a key revenue driver for many, despite tighter regulation.
“In these uncertain economic times, it has been even easier to encounter sudden financial difficulties, so having a better understanding of your money and personal finance is more important than ever.”
Quirk has received an average rating of 4.5/5 for accuracy from 5,000 reviews. While 86 per cent of respondents say it described them accurately. More than 1,000 beta users have the app, with a further 5,000 on a waiting list.
It will launch on app stores in March 2021.