According to data from Montreal-based financial technology startup Hardbacon, over half of Canadians don’t have a budget and many want to invest but are not confident enough.
These are among the reasons that Hardbacon was founded: to solve financial woes for Canadians through a mobile app. Nearly 40,000 Canadians utilize Hardbacon to plan, budget, and invest, as well as compare different financial services such as credit cards, bank accounts, mortgages, and crypto exchanges.
To solve its own financial problems—raising capital to fuel company growth—the Montreal fintech turned to FrontFundr, an equity crowdfunding platform and fellow Canadian startup. Seeking $500,000 in May, the campaign has raised over $700,000 from more than 500 investors across Canada.
“I’m grateful for the money we have managed to raise in just a few short weeks via our equity crowdfunding campaign,” stated Julien Brault, CEO of Hardbacon.
According to Brault, the funds will allow Hardbacon to keep growing toward its goal of becoming the top-rated comparison website and app in Canada. The startup aims to be “the go-to tool that everyone turns to whenever they make a financial decision.”
In total, Hardbacon has raised more than $3 million in capital.
“Equity crowdfunding is a healthy alternative to venture capital firms that have been withdrawing from the market as a response to the current economic turmoil,” Brault said in May.
Looking ahead, Hardbacon has announced its intention to go public in 2023.