Savology, a FinTech startup headquartered in Lehi, Utah, has raised $750,000 in investment funding earmarked for product upgrades and expansion of its service audience, the company announced yesterday.

The fund raise exceeded its target goal of $500,000, but that will not be a problem, according to Savology founder and CEO Spencer Barclay.

"We planned to oversubscribe the round if possible," Savology Founder and CEO Spencer Barclay said in an April 2nd email. "The target round was enough to fund our operations, advance our product, continue our user growth and build out some new partnerships. The additional $250,000 from the oversubscription will primarily be used towards user acquisition as we reach towards our goal of creating 100,000 financial plans by the end of this year."

Barclay said in a news release that several investors participating in the FinTech's initial seed round would be key to its mission of "democratizing" financial planning by making it available to anyone, regardless of their financial resources or income. Those investors include lead investor Brady Murray, CEO of MassMutual Intermountain West, and investors Derrin Hill, CEO of RevRoad; Bruce Miller, founder and CEO of PROFi; and Ben Tejes, co-founder and CEO of Ascend Finance.

Founded in early 2019, the Savology platform has allowed consumers to use its free online financial planning software to build a personalized financial plan in as little as five minutes. Once a user has created a financial plan online, Savology will recommend providers from a curated network able to assist that user in taking actionable steps toward achieving their financial goals.

Savology’s lineup of financial service provider partners currently includes such companies as MassMutual, Acorns, Lively, M1 Finance, Self, Blooom, The Zebra, Credible and Credit Karma. According to Barclay, Savology is not only on track this year to increase the size of its network of partners to 50 providers, but to expand its user base as well.

"We are grateful to the early investors and partners who believe in our mission and make it possible for us to elevate Savology to new levels," he said in the news release. "We know that we have an incredible amount of work ahead of us, but we are up for the challenge to help millions of households achieve financial security."

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