Quber Technologies, a Moncton-based mobile savings app, has raised $450,000 in financing.
New Brunswick Innovation Foundation (NBIF) invested $200,000 in the round. The balance was accounted for by angel investors and the startup’s founders.
Launched in 2016 and led by CEO Jennifer Leger, Quber provides a secure smartphone app that helps Canadian consumers manage their spending and accumulate savings for personalized financial goals.
The deal’s proceeds will support the expansion of Quber’s users, revenue and team members.
QUBER Receives $450K Investment for Savings App
App Uses Personalized Actions and Challenges to Help Users Save Money
MONCTON – The New Brunswick Innovation Foundation (NBIF) has invested $200,000 in Moncton-based QUBER, a smartphone app that helps users save money for personalized financial goals. The investment forms part of an overall $450,000 round including a number of angel investors and the company founders themselves.
The QUBER app encourages users to save money towards their financial goals through a series of fun challenges. User goals can be funds for vacation, saving for gifts, a down payment for buying something expensive, or whatever the user desires. Money saved through the app goes into the QUBER Vault, where it is protected from impulse spending and readily available when users want to access it. Similar to online bill payments, users provide their bank account number, and the app securely transfers money to personalized “savings jars” with automatic “savings rules,” allowing users to determine how they would like to save money.
“QUBER has a fun, innovative approach to a universal concern – saving money,” says Thomas Bird, NBIF Investment Associate. “They’ve managed to grow their team, increase their revenue, and attract a significant number of customers in just three years since the company was established.”
Founded in 2016, QUBER is helmed by CEO Jen Leger. Leger has built her career in tech and start-up environments, having previously served in senior roles at BMM Testlabs, Medavie Blue Cross, and Spielo, among other companies. Since joining the NBIF portfolio in 2017, the company has grown to support five employees and successfully organized several enterprise pilots. Now, they have their sights set to continue that growth, with plans to substantially increase their users, revenue, and team members.
“QUBER has impressive potential and has proven to be very responsive to customer needs,” says Bird. “They have a sound business model and a product developed with customer input, not to mention solid user growth and retention.”
The investment will support marketing efforts as QUBER seeks to continue growing their customer base.
“Budgeting and saving are something that’s important for nearly everyone, regardless of age or financial status,” says Jen Leger, QUBER’s CEO. “Our app takes something that’s usually considered boring and unappealing and makes it easy, fun, and rewarding.”
About New Brunswick Innovation Foundation
Since its launch 16 years ago, the New Brunswick Innovation Foundation, an independent, non-profit corporation, has invested over $100 million in New Brunswick start-up’s and researchers and leveraged $457 million more from other private and public sources. Those strategic investments have helped launch over 100 companies and funded nearly 500 applied research projects. Profits from NBIF’s investments go back into the foundation for reinvestment in other start-ups and research initiatives that drive innovation, attract investment and create jobs in New Brunswick. Find out more at nbif.ca.
Raymond Fitzpatrick, CPA, CMA, Director of Investments
Jen Leger, CEO