Moncton-Based Quber Raises $450,000 As It Seeks Growth
MONCTON – Quber, a smartphone app that helps its users save money for personalized financial goals, has raised $450,000 in its latest funding round, it was announced Monday.
The funds included $200,000 from the New Brunswick Innovation Foundation (NBIF), while the rest came from angel investors and the company’s founders.
The investment will be used to support the company’s marketing efforts as it seeks to grow its customer base.
The app encourages users to save money towards their financial goals through fun challenges.
“Budgeting and saving are something that’s important for nearly everyone, regardless of age or financial status,” says CEO Jen Leger in a release. “Our app takes something that’s usually considered boring and unappealing and makes it easy, fun, and rewarding.”
Users provide their bank account number and the app then securely transfers money to their personalized “savings jars,” with automatic rules set by the users. The app also suggests fun and interactive saving challenges to help fill users fill up their jars.
Once they’ve saved enough money to fill the jar, it can be moved to something bigger like a vacation or down-payment for a home.
The app also analyzes users’ spending habits.
The money saved through the app is kept in the Quber vault, which is protected from impulse spending but readily available when users want to access it.
“Quber has a fun, innovative approach to a universal concern – saving money,” Thomas Bird, NBIF Investment Associate, said in the release. “They’ve managed to grow their team, increase their revenue, and attract a significant number of customers in just three years since the company was established.”
Quber was founded in 2016 and headed by Leger, who previously filled seniors roles at BMM Testlabs, Medavie Blue Cross and Spielo, among companies. Quber became part of NBIF’s portfolio in 2017 and has since grown to have a team of five and organized a number of enterprise pilots.
The company is now looking to continue that growth, with plans to significantly increase its users, revenue and team members.
“QUBER has impressive potential and has proven to be very responsive to customer needs,” Bird says. “They have a sound business model and a product developed with customer input, not to mention solid user growth and retention.”
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