Grove said to close $8m Series A round led by Defy.vc

Personal finance app Grove has reportedly closed an $8m Series A round of funding led by Defy.vc.

Participation to the round also came from Tusk Ventures, Bullish, Winklevoss Capital, NextPlay Capital, Kevin Durant, Rich Kleiman, 500 Fintech, Rabil Ventures, and Patrick Kerney, according to a report by FinTech Futures.

There were also numerous existing backers to re-commit to the company, including First Round Capital, SV Angel, Upside Partnership, Fuel Capital and NerdWallet co-founder Jake Gibson, the article said.

The company is a personal finance management platform that uses a financial planning engine to help users to reach savings goals. Its technology can help users to will provide information regarding the impact of certain purchases like buying a house, or starting a family.

Capital from the round will be used to expand the product offering, and hire more staff to its team. Grove is looking to hire engineers, financial planners, marketers and a chief of staff, it said.

Last month, Tusk Ventures took part in the $110m Series E funding round of cryptocurrency payments and investment platform Circle. Its platform enables users to transfer money across 29 countries, make investments and make payments.

Earlier in the week, financial assistant app Plum raised up to £579,000 in its latest crowdfunding campaign, moving closer to its £850,000 target. The company provides users with an AI solution that can help a user with making savings, comparing bills and completing investments.

Last year, half of the funding to the personal finance space went to companies based in Asia. According to data by FinTech Global, around $451m of the total $885m deployed to personal finance companies, went to those based in Asia.

Copyright © 2018 FinTech Global

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