Start-up Spriggy gets Clayton Utz on board for $2.5 million capital raising round

Sydney, 25 August 2017: Clayton Utz is delighted to have worked alongside fintech start-up Spriggy on its recent $2.5 million capital raising round, which was closed and announced on 14 August.

Co-founded by former investment bankers Mario Hasanakos and Alex Badran, Spriggy is a prepaid card and mobile app designed for young people aged 8-18 years to help them manage their pocket money with their parents' oversight.

Spriggy is a graduate of the growing H2 Ventures start-up accelerator program, and one of a small group of start-ups currently disrupting the $1.5 billion pocket money market. Spriggy will apply the funds raised towards hiring more staff as well as product development and marketing initiatives to grow its existing customer base of around 35,000 users.

The Clayton Utz team that helped Spriggy with their capital structure and to close the fundraising round included Corporate partner Stuart Byrne, special counsel Adam Foreman and lawyer Annella Cox.

Annella commented: "Spriggy is a clever and practical idea to help educate young people in money management. It was exciting to work with co-founders Mario and Alex to secure further funding to help them grow Spriggy's reach to more Australian families."