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Squirrel (personal finance company)

Topic: Company

 From HandWiki - Reading time: 2 min
Short description: British online personal budgeting service company
Squirrel
IndustryPersonal finance, Software
Founded2014
FoundersMutaz Qubbaj, Emanuel Andjelic
HeadquartersRegent Street
London, W1
United Kingdom
Area served
United Kingdom
Productsweb application
RevenueN/A
Websitewww.squirrel.me

Squirrel was a British company that provided an online personal budgeting service. The company claimed that it had several thousand users in the United Kingdom.[1] It was described by Liat Clark in Wired magazine as a "total savings, budgeting and bill management tool".[2]

Squirrel was designed by co-founders Mutaz Qubbaj and Emanuel Andjelic.[2][3] Their company is working with The Money Advice Service.[1] Squirrel has also been provided by companies such as O2, London City Airport[4] and the NHS as an employee benefit[5][6] and cited by the Secretary of State for Foreign and Commonwealth Affairs Boris Johnson as an example of London's technology development.[7] The service has processed over £2 million since launching[8]

Operation

Squirrel users must get paid into a Squirrel bank account each month. Money allocated in Squirrel by the user as savings is saved into a users “savings goals”. Money allocated for bills is held by Squirrel, then paid into a users high street current account the day before bills are due. Spending money is sent on to the users current account as normal. Users can also choose for spending money to split into five parts- allowing for spending money to be paid to the user weekly - which is intended to make budgeting easier.[5]

Awards

In 2014 Squirrel won a "Pitch@Palace" award from The Duke Of York.[2]

References

  1. ↑ 1.0 1.1 "What is Squirrel?". http://thelifelifebalance.com/what-is-squirrel. 
  2. ↑ 2.0 2.1 2.2 "Financial wellbeing' startup Squirrel wins Pitch@Palace". Wired. Condé Nast Publications. https://www.wired.co.uk/article/pitch-at-palace-winners. 
  3. ↑ "Why you should put your trust in a fintech". The Times. http://www.thetimes.co.uk/article/why-you-should-be-putting-your-trust-in-a-fintech-kkbb096z2. 
  4. ↑ "London City Airport introduces financial wellbeing app for staff". Employee Benefits magazine. https://www.employeebenefits.co.uk/issues/february-online-2016/london-city-airport-introduces-financial-wellbeing-app-for-staff/. 
  5. ↑ 5.0 5.1 "Should you be Squirrelling away your money?". The Memo. http://www.thememo.com/2016/02/15/mutaz-qubbaj-squirrel-money. 
  6. ↑ "Squirrel: the money-saving app that will release your monthly paycheck in weekly installments". The Evening Standard. https://www.standard.co.uk/lifestyle/london-life/squirrel-the-moneysaving-app-that-will-release-your-monthly-paycheck-in-weekly-installments-a3345491.html. 
  7. ↑ Moules, Jonathan. "Mutaz Qubbaj, Squirrel founder, took leap of faith". Financial Times. ISSN 0307-1766. http://www.ft.com/cms/s/2/35978412-093e-11e5-b643-00144feabdc0.html#axzz4J2HxKrxb. 
  8. ↑ JPreston (2016-04-27). "Meet the entrepreneur taking on the financial wellbeing taboo". https://www.virgin.com/entrepreneur/meet-entrepreneur-taking-financial-wellbeing-taboo. 



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