Fintech start-up advised on capital raising
A fintech company that aims to help young people manage their money has been advised on a multimillion-dollar capital raising.
Firm: Clayton Utz (Spriggy)
Deal: Spriggy completed a $2.5 million capital raising round.
Value: $2.5 million
Key players: The Clayton Utz team advising Spriggy included corporate partner Stuart Byrne, special counsel Adam Foreman and lawyer Annella Cox (pictured).
Deal significance: Fintech start-up Spriggy completed a $2.5 million capital raising round earlier this month.
The company, founded by former investment bankers Mario Hasanakos and Alex Badran, offers a prepaid card and mobile app to help people aged eight to 18 manage their money.
Parents are able to top up the account and track their children’s spending through the app.
Spriggy was developed under the H2 Ventures start-up accelerator program. The company will use the capital raised for hiring, product development and marketing to increase its 35,000-strong customer base.
“Spriggy is a clever and practical idea to help educate young people in money management,” said Clayton Utz lawyer Annella Cox.
“It was exciting to work with co-founders Mario and Alex to secure further funding to help them grow Spriggy’s reach to more Australian families.”
Clayton Utz lawyer Annella Cox