Yorkshire fintech start-up launches ‘borrowing’ app after £1.63m investment
A Yorkshire fintech start-up has launched a ‘borrowing’ app following £1.63m investment.
ilumoni, based in Barnsley, gained FCA authorisation earlier this year and has successfully completed its Beta testing and is now available to the wider market on Android and iOS devices.
The free to use, AI-driven app helps users identify how they can improve their borrowing. The app shows them the benefits of making changes to repayments as well as alternative borrowing options, all based on what the user can afford and the products they are eligible for.
The insight the app provides encourages users to stay on track to reach their goals, which in the long term not only improves their financial situation but could also alleviate stress and anxiety.
ilumoni previously raised £340K pre-seed investment from Move Ventures, and angel investors including Simon Moran, former CMO, and now non-executive director, Premium Credit, and Andy Deller, former CEO of Dunbar Bank plc, part of Zurich Insurance Group.
In a second bout of investment, the app went on to raise a further £1.2m in what was an oversubscribed seeding round, attracting over 25 additional angel investors to the project.
Gary Wigglesworth, CEO, said, “ilumoni provides the impartial financial support that borrowers crave. Our research reveals over half of UK borrowers feel nervous talking to financial service providers about their borrowing, and 58% of people prefer using an app to chat about such topics.
“Top of our priority list is giving people the tools and insight they need to make confident, better-informed decisions when it comes to their borrowing.”
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