FinTech start-up Onedox raises more than £500k
An innovative FinTech start-up which is revolutionising the way people manage household bills and expenses has raised more than £500,000 and is now looking to partner with retail banks.
Onedox is a free web and app-based service which provides consumers with centralised access to their household accounts and bills including gas, electric, internet and mobile.
The system also generates automatic notifications when a bill or contract is coming to an end, and makes personalised recommendations for users to switch to better deals and save them money.
The London-based start-up launched an equity crowdfunding campaign on Crowdcube this summer with the goal of raising £300,000, including backing from angel investors.
It exceeded the target and attracted £530,000 from almost 500 investors.
The company has since grown its development team and is now looking to partner with banks to integrate Onedox into their applications.
“We're involved in discussions with a number of potential partners in the financial services sector, including retail banks,” co-founder and CEO David Sheridan told BusinessCloud.
“Onedox is complementary to banking as it enables a richer banking experience, so you can see additional details about individual transactions within your banking app or when your contract is due for renewal.
“Improving the customer experience in banking is becoming increasingly relevant with the rise of challenger banks and PSD2 coming into effect early next year.”
Onedox was founded by David Sheridan, Hugh Nimmo-Smith and Richard Lewis, who all have a background in high growth start-ups.
The business was borne out of frustration from realising how much time and money is wasted in dealing with and overpaying for household utilities.
Onedox can be accessed through a web-based platform, as well Android and iOS apps.