8.3 C
Budapest
March 28, 2024
2020 – 2024 © MO.CO.HU Magyarország Hírek, Hungary News
Image default
FeaturedFintechfundingHÍREKVILÁG ANGOL

UK financial wellbeing app ilumoni banks £1.2M after beta launch

Over half of all UK adults are estimated by FCA to pay interest on their borrowing, rising to almost 2/3 of working-age adults. Recent statistics from StepChange show that 42% of people have experienced a negative change in circumstances since the pandemic.

This is where the UK-based financial wellbeing app ilumoni comes to help as it lets users understand and borrow easily. Now, the startup raised £1.2 million in an oversubscribed seed funding round after the launch of the Beta version of its app earlier this year.

Wider product launch in 2021

The latest round of investment has attracted an additional 20 plus angel investors to the business. The funds will be used to take the product to market and beyond.

Previously, the purpose-led, AI-driven fintech raised £455K in pre-seed funding following which it launched the first version of the app and received full FCA authorisation in January this year. Furthermore, the company plans App Store and Play Store release later this year. Early adopters can sign up for the beta version of the app via the company website.

Ilumoni CEO, Gary Wigglesworth, added, “We’re thrilled to have such a ringing endorsement of ilumoni with an over-subscribed funding round. There is a huge opportunity to help people to borrow well and it’s more important now than ever.”

Appoints new board directors

Besides the funding round, ilumoni has appointed two Non-Executive Directors to its board – new investor James Eden and existing investor Simon Moran.

Eden commented, “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.”

How does ilumoni work?

Founded in 2019 by Gary Wigglesworth and Jonathan Corner, the free app helps people understand and manage their borrowing better. ilumoni delivers rich, personal insights into how users borrow and repay, complete visibility of what they owe – including how long it will take to repay and how much their borrowing will cost in interest. These insights will be combined with prompts and future scenarios that users can interact with to find repayment amounts or alternative products that cost less in interest, help pay balances sooner or free up cash.

The post UK financial wellbeing app ilumoni banks £1.2M after beta launch appeared first on UKTN (UK Tech News).

Related posts

Sticker coding platform gets £1.5m

MO.CO.HU

EV battery maker to build ‘megafactory’ in Scotland

MO.CO.HU

Starling Bank scraps Ireland expansion plan

MO.CO.HU

DMCA.com Protection Status


Pin It on Pinterest

Share This