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Squirrel

Platform:
Crowdcube
Stage:
Expansion
Industry:
Business Services
Location:
UK - London
Date Rated:
27/11/17
Raise:
£400,000
Equity:
5.41%
Valuation (Pre Money):
£6,993,715
Industry: Business Services
Location: UK - London
Platform: Crowdcube
£400,000 Expansion
Valuation: £7,393,715
Date Rated: 23/11/17

MANAGEMENT

PRODUCT

INVESTMENT
Tax Status: EIS

Business Summary

Squirrel is a service that takes a more hands-on approach to financial management than many of the recent offerings in this area - taking a users income, reserving funds for bill payments and doling out the remained according to the users spend/save preferences. Revenue comes from a monthly fee for the service, with further possibilities arising from offering a white label service and from taking a commission on related services offered to users. These funds will be used in part to fuel marketing activities and for further development work to take advantage of changing banking rules.

Financial Overview

 

 

 

There is insufficient information available to provide a financial overview

 

 

78%
SKILLS:
EXPERIENCE:
COMMITMENT:
The management team covers all the key roles with skilled individuals and/or further specialists. Given the advanced stage of the company and its valuation, though, an FD would be a strength.
The team is very experienced and members have worked in related industries or similarly staged businesses before.
Most team members appear able to dedicate their time to Squirrel and have all been working on it for some time now. The Founders have no other directorships and should be well motivated.
70%
MARKET:
PRODUCT:
COMPETITION:
There will always be a large market for savings and tools that help people manage their money. So-called challenger banks and supplementary fin-tech services are a growing market.
Squirrel has over 1,000 paying customers and many more triallists, and receives very positive reviews. A number of further improvements to the service are planned.
Squirrel is aware of its position in the competitive landscape and has a unique architecture. Planned features may erode that USP while adding functionality though.
There is insufficient information available to fairly rate this aspect of the business


Conclusion

Squirrel's team has built a product that its users love and is ready to start scaling their marketing activity. Without detailed financial projections an in-depth analysis of the investment prospects is impossible, but we note that the company's discussions with potential investors demonstrate an awareness of their unit economics which should enable the expansion to be profitable, although half of the anticipated Lifetime Value is expected to come from using customer data to generate commission from as yet unproven group purchasing initiatives.

Investors should be aware that the company plans another round of funding in late 2018 at an anticipated valuation which will be a multiple of that currently offered, so investors will need to be prepared to follow-on in order to avoid dilution.

Related Links

Crowdcube Pitch

www.squirrel.me

 

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