Gimi announced completing a capital raise of SEK 14 million.

Gimi, a Stockholm, Sweden-based provider of financial services based on a mobile application created to teach children how to manage their finances, announced that it completed a capital raise totalling about SEK 14M ($1.6M).

The money was raised from existing investors and will be used to continue to develop the company's application with a stronger focus on educational components in personal finance for children and young people.

Gimi, founded as Veckopengar in 2014 by CEO Philip Haglund, works for building a business around a digital platform used for teaching children how to handle money in a healthy and responsible way.

The company aims to profit from an increasing demand for technology-based services, as children need to be able to get educated via a digital environment combined with an increased focus on handling personal finance matters.

Prior to this round, Gimi raised about $6 million.