Yorkshire fintech startup tots up $450k in pre-seed funding

A new Yorkshire fintech has announced that it has raised $450k pre-seed investment to help its launch.

ilumoni, which aims to help people to borrow better,has raised $450k pre-seed investment backed by Move Ventures.

Other investors in the startup include Simon Moran, former CMO and now non-executive director of Premium Credit, and Andy Deller, former CEO of Dunbar Bank plc, part of Zurich Insurance Group.

Founded in 2019, ilumoni is the UK’s first AI powered borrowing insights app which uses open banking and credit data combined with market information to build a fast, accurate and realistic picture of the user’s debt.

Gary Wigglesworth, co-founder and CEO of ilumoni, commented: “Many consumers borrow without fully understanding their options or implications of their borrowing.

“This is further compounded with poor repayment habits. As a result, large numbers of consumers are in the dark about the true cost of their borrowing, paying more in interest and fees than necessary and carrying debt for longer.

“ilumoni is changing that by shining a light on how we borrow.”

Andy Deller, former CEO of Dunbar Bank, said: “There is a significant gap in the financial wellbeing app market.

“Current providers offer limited information without direction, or push products that don’t account for the overall wellbeing of the user.

“ilumoni demystifies debt and provides borrowers with clear and actionable insights that specifically suit their circumstances, helping consumers understand and manage their debt for the better.”