ZavFit, the HealthTech start-up, has completed a funding round which will enable it to launch the first full Beta of its app.
ZavFit was the first company to identify money stress as a health issue: worrying about money is globally the number 1 cause of mental health problems1. In response, the ZavFit app will focus on improving the health and happiness of the individual as an outcome.
In the app, each user is setup with a MoneyFitness programme, using daily targets and a score. The daily targets enable each user to make everyday money decisions that help improve their mental health and wellbeing. MoneyMoods enable the user to reflect on the emotional impact of their spending, and how it affects their overall wellbeing.
Anna Freeman, Founder & CEO of ZavFit says: “This is truly a momentous step for ZavFit. As Founders of the MoneyFitness Movement, we’ve been working tirelessly to have recognized the devastating impact that money stress has on our health. With funding now secured, we can launch the Beta app that will help users to feel happier and healthier with their money. It’s a game changing moment for ZavFit, and the Health & Wellbeing industry.”
Mental Health zeitgeist
In Q3 of 2020, investments into mental health start-ups hit a record $1.37 billion2. With the continued fall-out from the pandemic, and a growing appetite amongst organisations worldwide to support the health and wellbeing of employees, members and customers, this trend looks sets to continue.
Within the Wellbeing industry, the money & financial wellbeing sub-sector is particularly in the spotlight. In January the Global Wellness Institute named money a key wellness trend3 for 2021, and picked out ZavFit for its pioneering work in the space. The report called the reframing of money stress not as a finance problem but a health problem a ‘paradigm shift’.
Freeman continues: “With the detailed design in place and the app build underway, we are working closely with a group of early-adopting partners with whom we will roll-out the app. ZavFit is the first health solution for money and what we’re seeing here is the opening up of a whole new market segment. The team at ZavFit are poised and ready to make a difference. We can’t wait to bring our vision for MoneyFitness to the world.”