Ernit raises DKK 5M from SEED Capital and Spar Nord for launching its piggy bank product.

Ernit, a Copenhagen, Denmark fintech startup, raised a DKK 5M ($720k) investment round. The money comes from SEED Capital and Spar Nord and will be used for the launch of Ernit's product, both in Demark and internationally.

Ernit, founded in 2013 by Søren Nielsen, Thomas Bjerring and Mads Tagel, is a cashless piggy bank with an accompanying app. The company produces a physical piggybank connected to a child's bank account, allowing the user to see when money is deposited and its progress towards achieving certain saving goals. Ernit also develops an accompanying smartphone app.

Prior to this investment, Ernit raised angel money from investors such as Jochum Kirsebom and Thomas Haderup, and was part of Techstars Accelerator from New York, during spring 2016.