Money Squirrel secured £185,000 to develop their savings automation and empower UK businesses cashflow management.
On a mission to empower businesses to do more with their hard-earned cash, with Money Squirrel every time a business gets paid, it will automatically move allocations like tax into a separate savings account. Powered by Open Banking, the platform gives businesses the option to choose any business bank and recommends the best savings account.
Despite advancements in personal finance apps- Business finances remain outdated. The problem is significant, poor cash flow is the reason for over 82% of business failures.
Money Squirrel’s first agenda is to help businesses save for their tax payments. In 2023, over £4.8 billion in corporation tax and VAT returns were submitted late, an increase of 41.1% over two years. Which means an increasing rate of businesses are forced to either pay penalties for late payments or take on last minute loans to meet payments.
“Money Squirrel was created to solve my own problem - the hours it took to move the VAT portion from every invoice into a separate, savings account” says Andreea Daly, Founder and CEO. “I created Money Squirrel to take the worry of preparing for future payments, so founders can focus on growing their businesses.”
The pre-seed round is led by the newly established family office Lazaroo-Hood Group.
Ross Lazaroo-Hood, Co-Founder Lazaroo-Hood Group, "Andreea's passion for tech, innovation and being a straight-talking founder had me captivated within 15 minutes of meeting her.”