Money Dashboard, the Edinburgh-based personal finance platform, has said it raised a further £2.5 million between August and November last year, bringing total funding to £5.2m in 12 months.

The funding, led by private equity manager Calculus Capital, included investment from Ariadne Capital, Par Equity, and The Scottish Investment Bank, and adds to the initial £2.7m investment made in November 2013.

Over the last two years Money Dashboard has grown its user base by more than 300 per cent, equating to hundreds of new users a day, and now has £10billion of transactions on the platform. In April 2014 the company was selected to join the inaugural cohort of the London Stock Exchange's two-year ELITE mentoring scheme for high-growth private UK companies.

The new investment will be used to further enhance mobile usability and budgeting features, as well as building market position in association with Zag, part of global marketing and advertising agency BBH.

Gavin Littlejohn, chief executive, said: "We have grown rapidly over the last few months, as more and more people experience how easily they can take control of their finances when and where ever it suits them - whether that's while sitting in front of the TV or on the bus to work. This latest round of funding reflects the huge potential of the business and we are really excited about expanding our services and reach over the coming months."

Richard Moore, Calculus Capital investment director, said the business had "a strong vision of how the market will continue to develop and we believe in that vision."