Squirrel (personal finance company)

Squirrel was a UK-based fintech company that offered a savings and budgeting app designed to help users manage their finances. Founded in 2014, the company aimed to provide tools for setting financial goals, automating savings, and avoiding debt.

Features:

The Squirrel app provided a range of features focused on helping users budget and save effectively. Key features included:

• Budgeting: Users could create budgets based on their income and expenses.
• Automated Savings: The app facilitated automatic transfers of funds into savings accounts, aligning with user-defined savings goals.
• Goal Setting: Users could set specific savings goals, such as saving for a house deposit or a holiday.
• Spending Tracking: The app categorized and tracked users' spending habits.
• Financial Insights: Squirrel provided users with data and analysis to help them understand their financial behavior.

History:

Squirrel launched its services with the aim of addressing the growing need for accessible and user-friendly financial management tools. The company sought to differentiate itself through its focus on automation and goal-oriented savings.

Closure:

In July 2019, Squirrel announced that it would be closing its services. Existing users were given a notice period to withdraw their funds and transition their financial management to alternative platforms. Reasons cited for the closure included challenges in achieving sustainable profitability and scaling the business effectively in a competitive market. Following the official closure, the app was discontinued and user accounts were deactivated.