The company received the funding through crowdfunding platform Crowdcube with contributions from 3,3000 investors helping to push the commercialisation of the app.

The initial financial target of £1.5m was reached on the crowdfunding page within 45 minutes. The company then ended the fundraising page at just over £3.6m. Investors included Calculus Capital and Scottish Investment Bank, which has committed to a second investment which will boost funding to £4.6m.

Director of Scottish Investment Bank, Kerry Sharp, said: “Having supported Money Dashboard from an early stage, it is great to see the business raising the funds required to implement the next stage in its growth. The fintech sector is a key industry in Scotland’s economy and we look forward to continuing to work with the company, both from an investment perspective and through our account management support, to deliver its long-term growth ambitions.”

The money raised from the fundraiser will be used to help develop the finance app and boost the company’s headcount from 20 to 60.

The app, currently serves more than 200,00 customers and connects more than 70 financial institutions, including banks such as Monzo and Starling, to help app users track their spending and set financial goals. The service is free to use, as the company generates revenue from market research based on anonymised banking data.

In May, the company also rolled out a service for cryptocurrency users, which was integrated with digital currency exchange Coinbase to allow consumers to see their cryptocurrency holdings alongside their everyday banking accounts.

Chief executive of Money Dashboard, Steve Tigar, said: “We are absolutely thrilled to have secured this latest round of funding, particularly with the backing of over 3,000 people who share our vision. we are now equipped and ready to help people from every walk of life master their money.”