The fintech team at Bristol-headquartered national law firm Burges Salmon has advised on the launch of a first-of-its-kind money saving app that rewards commitment and community.
Founded with the belief that ‘saving is freedom’, the Communion app, which shares its name with the firm behind it, seeks to tackle underlying and pervasive money anxiety.
Burges Salmon advised London-based Communion on its £2.5m pre-seed fundraising round, which was led by VC firm Target Global alongside a number of investors including fintech entrepreneurs Max Rofagha, Greg Marsh and Erin Lantz and advertising agency Uncommon Creative Studio.
The firm also provided intellectual property expertise as Communion developed its unique brand proposition.
All users of the app start their Communion experience the same way – by opening an FSCS-protected savings account and practising a daily saving ritual for 10 days.
They are then coached through a personalised 12-step wealth-building plan through which they explore their own unique relationship with money with the help of Communion’s community and unlimited access to its team of money guides.
The app aims to help those struggling during the current financial uncertainty fuelled by rising interest rates, cost of living hikes and pay freezes.
According to Communion’s own research, 94% of people aged between 18 and 40 have suffered from money anxiety, while one in four worry about money every day.
Half of those surveyed also believe they will never have enough money.
Communion founder and CEO Daniel Hegarty said: “We believe everyone has the ability to take control of their money and build a buffer against the world, so long as they’re given the right conditions, tools and support to do so.
“We created Communion for people who want to live life with more autonomy and less fear. We thank the team at Burges Salmon for their continued support as we bring Communion to market.”
The Burges Salmon team advising Communion on its fundraising was led by corporate fintech partner Alex Lloyd working with associate Niall Mackle, with IP and brand work from partner Emily Roberts.
Burges Salmon client relationship partner and head of fintech Martin Cook, pictured, said: “It has been a pleasure to continue to work with Dan and the Communion team to enable its launch.
“The mission of Communion, including to instil good savings habits and promote members working towards more financial autonomy, is something we can all get behind.
“This is a brilliant initiative highlighting the power fintech has in tackling today’s societal challenges and improving financial awareness among consumers.”
Burges Salmon’s fintech team, which is ranked as a Tier 1 practice in UK legal directories, brings together a group of cross-functional experts, including financial regulation and products, corporate, technology and data, banking and capital markets, employment and IP, to assist fintech clients seize opportunities and established financial institutions transform.
The team’s clients include start-ups, high-growth scale-ups, international and globally relevant financial institutions and other major corporates.
