London-based fintech Communion raises £2.5M for financial buffer app

There’s a new fintech in town and it's all about giving yourself a ‘financial buffer against the world’, or as Communion calls it, a F.U.nd. The app hosts a FSCS-protected easy-access savings account, at the same time as providing habit formation and behaviour change training and it also gives users access to its team of Money Guides.

“We believe everyone has the ability to take control of their money and build a buffer against the world, so long as they’re given the right conditions, tools and support to do so. We created Communion for people to fix their relationship with money and live life with more autonomy and less fear,” says founder and CEO of Communion, Daniel Hegarty (ex-Habito)

After conducting its own research Communion found that 94% of 18-40 year-olds surveyed 'have suffered from money anxiety' with one in four of them saying that they worry about money daily. The fintech solution offers members a '12-step wealth-building plan' to improve their relationship with money.  

The London-based fintech has raised £2.5 million in Pre-seed funding, in a round led by Target Global and includes Uncommon Creative Studio and angel investment from Erin Lantz, Greg Marsh, Max Rofagha.

“We’re thrilled to be supporting Dan and his team at Communion on their mission to arm people with a financial buffer against the world. Fintech and the finance industry at large are awash with money apps and tools but none that go to the heart of what it really takes to build wealth with confidence and control. With the backdrop of the cost living crisis and rising concerns about the nation’s financial future, there has never been a better time to address the advice gap in the UK,” says Dr. Ricardo Schäfer, partner at Target Global.

Image: Daniel Hegarty, founder of Communion