Tallinn, Estonia-based FinTech startup SPARQ, has secured €440K in a funding round held in September 2020, from the Baltic International Bank. The latest round brings the total funding raised by SPARQ to date to over €500K. The startup aims to change how people manage their personal finances.
Proceeds from the funding round will be used to develop the startup’s “Early Access Stage”, which will feature the development of the SPARQ dashboard. This component might become an important feature of the SPARQ app. It will allow users to manage their financial life and easily get a summary of their financial health. Users will be able to analyze their daily expenditures, monthly fixed bills, and planned savings with the app. The funds will also be used to develop their marketing skills.
SPARQ was founded in 2019 and is on a mission to remove the ambiguity around banking, primarily focusing on helping millennials to take charge of their finances in a gamified way. The app aims to deliver an all-round approach to personal finances, including ways to collect “Q Points”, which are SPARQ’s own virtual currency that will function in a similar manner to a loyalty points scheme.
Sparq CEO Danila Belokons was quoted to say, “Now Sparq has enough funds to realize our idea in full. The funds will be invested into two key directions, development of product and marketing. Since our project is a mixture of existing and advanced fintech solutions, for example, in our Sparq dashboard, a huge focus is placed on UX development. Of course, it is very important to create an effective marketing campaign that will be able to transfer the idea of Sparq and our current plans simply and engagingly.”
The startup has already released its early adopter pack and has witnessed a huge growth in new users to the platform, even with it being in the very early stages of development.
About the Baltic International Bank
Latvia-based family-owned Baltic International Bank (BIB) is the first-ever bank to offer exclusive private banking services. 99.9% stake in the bank is held by the Belokon family. Valeri Belokon is the founder and main shareholder of JSC Baltic International Bank. Currently, the Bank operates as a universal bank and offers all kinds of banking operations including standard banking services, deposits, investments and family wealth management. The Bank has representative offices in the United Kingdom, Russia and Ukraine.
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