Oval Money

Oval Money LTD is an Italian-English fintech company founded in London in 2016 and officially registered in 2017, owner of the mobile application Oval, which allows its users to manage their money through tools related to savings and investment, directly with their smartphone.

Data reported by the company indicate today more than 250,000 active users and an average saving of £35 per week for users who start using the app. A joint venture of large industrial groups, including the banking company Intesa San Paolo, have invested in the startup that now has more than 40 employees between two offices, in Turin and London.

The application won first prizes for the CheBanca! Italian Fintech Awards and the B-Ventures 25x25 Fintech Awards in 2016, and was counted among the 22 emerging startups winners of the national ANGI award for innovation in 2017.

App functioning

Oval is a financial services application available for Android or Apple smartphones, and each account is individual.

The user must register and complete his profile by entering the contact details, an identity document, the tax code and the IBAN of the current account he intends to associate with the service, and confirm the Direct Debit mandate that allows the automatic movement of funds between the current account entered and the digital savings account on Oval, on a weekly basis.

The application has many functions: there is a section related to savings, a section to track personal expenses, a learning program related to the world of finance, and a section dedicated to investments. Once the account has been created and the service activated, users can set up the application according to their personal needs.

The app works on saving rules, called Steps. These are customizable rules, designed to adapt to the daily life of people. There are savings rules to set based on social media activities, physical activity, shopping habits or earnings. Each rule can be modified and each transaction can be suspended at any time, which allows the user to modulate the amount that will be saved according to their possibilities at the time.

The investment section allows the user to choose between different low, medium and high risk financial products, ETNs linked to innovative realities that aim to change the lifestyle, encourage diversity and promote solutions for the protection of the environment. To access this section it is necessary to complete the KYC (Know Your Customer), European standard procedure for the confirmation of the identity, as well as fill out a questionnaire on investment risk level (MiFID).

References

This article "Oval Money" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Oval Money. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.

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