Tallinn-based Sparq wants to create a culture of effective money management

Estonia-based fintech company Sparq wants to use gamification instruments and bring a new approach to allow customers to take personal finances under control. They're planning to launch MVP at the end of this year.

Back in April 2020, Sparq was announced its first seed round with €100k investment. And now, just back in a few weeks ago Sparq secures €450k from the Baltic International Bank and taking the total funding over €550k. Viktors Bolbats, CEO of Baltic International Bank, is now helping as an Advisor to the fintech company.

According to Danila Belokons, Founder of Sparq, they're already seeking for a Series A investors and current seed investment is going to develop the product and marketing campaing. Tallinn-based Sparq choose their base as Estonia due to all documentation and communication with the government is simple. Sparq also have a office in Latvia as well and they believe there are a lot of great IT talents in both Baltic countries.

Danila Belokons, Founder of Sparq:

Our mission at Sparq is to reveal the blind spots of personal finances. Our vision is to create a culture of effective money management using gamification and a human-centric approach. There is a lot of fintech startups that already allow taking personal finances under control, but there is no compelling guideline and motivation to do so. For example, If I've spent €150 on food, what should I do with this information?

According to Belokons, Sparq is developing in 3 directions below:

• Free payments system with a prepaid card across the EU (Transfers, ATM withdrawals)

• Sparq Dashboard, which indicates your current financial health status according to your fixed payments (Bills, subscriptions); your variables, and savings. Progress bar, challenges, in-game currency, and much more.

• Creating a community for increasing financial literacy. Social interaction between our team and Sparqans (our users), leaderboards, advises, etc.