Communion (Formerly Join Communion)
Build your buffer against the world and fix your relationship with money.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | £2.5m | Seed | |
| Total Funding | 000k | ||
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Communion is a financial technology company targeting millennials in the UK, specifically those aged 25 to 35 who are navigating financial instability. The company was founded by Daniel Hegarty, who previously founded the digital mortgage broker Habito and has a background in fintech, including a role at the former consumer payday lender Wonga. Hegarty's experience in the financial sector informed his creation of Communion, which aims to help users fix their relationship with money and gain financial autonomy.
Launched in August 2023, the company secured £2.5 million in a pre-seed funding round led by Target Global, with participation from investors such as Uncommon Creative Studio, Erin Lantz, Greg Marsh, and Max Rofagha. The business operates on a freemium model, initially offering its services for free with plans to introduce a subscription fee in the future. Its primary offering is a mobile application, initially available for iPhone users, that combines an easy-access savings account with financial education. The savings account, which is FSCS-protected, offers a base interest rate that can be increased through a referral program, allowing users to earn a bonus for each friend who joins.
The app's core service is a personalized 12-step wealth-building plan designed to help users understand their financial habits and reduce money-related anxiety. This is achieved through a combination of psychological research, behavioural science, and coaching. Users have access to a team of money guides for personalized support and can utilize the app's proprietary autosave technology to incrementally increase their savings over time. The service aims to help users build a financial buffer, or an "F.U.nd," to provide more freedom and control over their lives.
Keywords: financial technology, fintech, savings app, financial wellness, personal finance, wealth building, millennial finance, UK startups, Daniel Hegarty, money anxiety, behavioral science, financial coaching, automated savings, high-interest savings, investment, financial planning, financial autonomy, Target Global, pre-seed funding, digital banking