Dublin-based MoneyTech company My Money Jar has closed a new funding round of €700,000, which takes its total fundraising to over €1.3m in the past year and a half.

The company, which was founded by Kevin Treacy in 2018, promotes more mindful spending and saving and focuses on improving people's relationship with their money.

My Money Jar comprises an iOS or Android app, an IBAN and a prepaid Mastercard. It takes less than three minutes to create an account and then the app allows the user to allocate different amounts of money to different money jars. 

Jars can be created for any budgeting or savings goal, be it a weekly coffee jar, a monthly rent jar or a mortgage deposit jar.

The company's latest funding round was led by Enterprise Ireland via their High Performance Start Up programme and includes several private investors. 

"This funding round is a huge boost of confidence for us at My Money Jar. It validates our belief that there is a huge opportunity in helping people increase their financial capability and resilience," commented Kevin Treacy.

My Money Jar is only being provided to employees through their employers' Workplace Wellbeing programmes. 

Employers are motivated to invest in financial wellbeing solutions for their staff to alleviate money stress, but also to boost employee engagement and loyalty.

But in the future, My Money Jar said it will be available directly to anybody who wants greater control over their spending and saving.

The company has Central Bank of Ireland approval to operate as a distributor of Prepaid Financial Services, one of Europe's largest eMoney issuers with programmes active in 25 countries.