Money Dashboard, the Edinburgh-based budgeting website, has raised a further £2.7 million for development from Enterprise Investment Scheme backers.

Launched in 2010 by serial entrepreneur Gavin Littlejohn, Money Dashboard is modelled on US website Mint, which built a 1.5 million user base and sold out for $170 million (£106m) in 2009.

It is backed by business angels and Scottish Enterprise.

Now London-based Calculus Capital has led a £2.7m investment which will help Money Dashboard develop new services, enhance its technology platform and expand its user base.

Susan McDonald, chairman of Calculus Capital, said: "There are a number of aggregation services now emerging in the UK but Money Dashboard is the most advanced we have seen and we believe it is best placed to succeed."

The technology is 'read-only' so no money can be moved or transactions processed through the site, and it uses proprietary algorithms to provide spending forecasts and alerts across banking, savings and credit cards. It is independent but will earn its revenues from commissions linked to product switching. Among its plans is the creation of a range of mobile apps and refinements "to make the user experience as intuitive and engaging as possible".

Another new shareholder will be branding agency ZAG, a division of Bartle Bogle Hegarty, which specialises in new launches for innovative digital media and technology businesses.