UK-based wealth management app Ikigai has raised approximately £2m through an oversubscribed crowdfunding campaign, taking its total raised to date to £4.1m.

The total amount raised is said to equate to 14.82% equity at a pre-money valuation of £10.95m.

Previously, Ikigai raised £2.2m from private and angel investors in a pre-seed round which was closed last year.

The new capital will be used by the fintech firm to expand its team and accelerate its product rollouts. It also aims to expand its premium service to more customers.

Launched in March this year, Ikigai combines banking, saving, and investing in a single mobile app, along with financial management tools, e-money accounts and wealth management features.

This app allows users to set up a budget and automatically invest at the end of the month based on their spending.

Ikigai co-founder Maurizio Kaiser noted: “The one-size-fits-all does not resonate for the growing number of young people who are seeking a financial partner where they feel valued and heard.

“This demographic is demanding a certain level of experience from its bank; one that educates on the purpose of wealth management in a safe, technologically secure, and practical manner – without compromising on the high tech and high touch personalised service.”

Kaiser also added that the success of the Crowdcube campaign demonstrates an appetite to align premium financial services with the digital world.

Ikigai co-founder Edgar Picciotto added: “This round of funding is encouraging as it validates the need for a fintech like us to provide a holistic view of money combined with purpose.”

In 2019, Canadian digital investment management outfit Wealthsimple raised 74.55m capital in a funding round to further develop its existing services and explore new product offerings.