Barnsley fintech startup secures £1.2m investment to launch personal finance app

A fintech startup in South Yorkshire has secured £1.2m investment to take its product to market.

ilumoni, a start-up app that aims to help people to borrow well, has raised £1.2m in an over-subscribed seed funding round.

The Barnsley-based firm launched its app in Beta at the beginning of the year, which aims to help people to understand and manage their borrowing better, including full visibility of what they owe, including how long it will take to repay and how much their borrowing will cost in interest.

The new funding will take the product to market and beyond, with general App and Play Store release planned for later in the year

CEO of ilumoni, Gary Wigglesworth, added, “We’re thrilled to have such a ringing endorsement of ilumoni with an oversubscribed funding round.

“There is a huge opportunity to help people to borrow well and it’s more important now than ever.”

James Eden, new investor and board member, added: “While there are many emerging tools that champion consumers’ financial degrees of freedom, there aren’t any that provide an independent view of borrowing and debt, despite the impact it can have on people’s financial and mental wellbeing.

“The purpose behind ilumoni, level of innovation and credentials of the team were more than enough to convince me this was an investment worth making. So much so that I am delighted also to be joining the board.”