This app helps people manage money using personality tests

A start-up app which helps people manage their money according to their personality has raised £300,000.

London-based Quirk  uses unique personality testing to deliver tailored financial advice to young professionals .  

The  pre-seed funding  comes  from SFC Capital and angel investors  and will   be  use d  to grow its team  and  expand its product offering.  

The tests are based on  accepted psychological principles . F or instance, Quirk has identified that men are three times more likely than women to enjoy buying expensive products to impress others, and that people who score high in neuroticism/emotionality tend to make more  money but will also save less.  

With support from expert psychologists, Quirk  says it  uses the latest behavioural research to deliver a personalised product experience with educational content and insights about users’ spending habits.   

It also gives use r s  access to data about their money  by  connecting  their  bank accounts ,  tracking subscriptions and setting up  ‘ spending goals ’.  

More than 10,000 people have taken Quirk’s “money personality test” since launch in April last year.  

Quirk currently has more than 1,000 beta users using the app, with a further 5,000 people on the waiting list.   

Both iOS and Android versions are available for beta testers through the Quirk website, and the apps will launch publicly on app stores in March 2021.  

Co-founders Nafeesa Jafferjee and Nikos Melachrinos

“There is no ‘one size fits all’ answer when it comes to managing your finances,” said Nafeesa  Jafferjee , chief of product.  

“What should I do with my savings? What’s the difference between good debt and bad?   

“A lot of young people we talked to felt there was a lot of information out  there,  but it lacked context on their financial situation and advice on what tangible actions they should take.”   

Ed Stevenson,  i nvestment  e xecutive at SFC Capital, said: “Financial planning has become more important than ever, with the cost of living and asset prices skyrocketing.   

“ We were impressed by the Quirk team’s ability to design a product that would appeal to Millennials and Gen Z, and ultimately help put them on a path to financial   independence.   

“ Users gain control over their personal finances in a  simple, fun and engaging way, all the way from their first pound in the bank through to retirement and beyond.”