UK-based fintech firm B-Social has secured £3.2m in a seed funding round from investors.

Names of the investors participating in the fundraising were not revealed.

B-Social CEO Nazim Valimahomed said: “This funding will enable B-Social to build a bank with a social ethos, whose purpose is to change the relationship people have with their money and those they engage with financially, for the better.”

With the B-Social app, users can track spending and record expenses. Moreover, they can form social groups to split bills and make fund transfers.

B-Social investment

B-Social currently offers a social finance app along with a beta debit Mastercard.

At present, the app is being trialled with a select group of users including B-Social employees and investors. Furthermore, plans are on for a broader UK launch in February 2019.

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The firm is also now working on securing a full banking licence from the Prudential Regulatory Authority and the Financial Conduct Authority.

UK’s fintech scene is becoming increasingly competitive in the recent times. A couple of days back, UK-based credit report provider TotallyMoney raised £29m from Elliott Advisors (UK) and Scottish Equity Partners to develop its technology platform.

Earlier this year, UK-based fintech firms including Vizolution, MoneeMint, and Cleo too secured investments to fund their digital ventures.

At the same time, RBS announced plans for a standalone digital bank.