A Manchester FinTech group has swooped to acquire London鈥檚 TotallyMoney, a credit score and personal finance app backed by 拢65m+ funding.
TotallyMoney, which last raised 拢9m in growth funding in 2021, focuses on 鈥榰nderserved鈥� people who are just about managing and find it hard to plan their finances.
It uses multiple data sources to help customers understand, track and improve their credit score, offering tailored solutions and making personalised recommendations.聽
The firm works closely with lenders to develop new features and ensure customers are pre-qualified and matched with the right product.聽
Intelligent Lending, based in Trafford Park, is the parent company of CredAbility and Ocean. The acquisition means the group will grow to 250 staff based in Manchester, London, Cyprus, and Italy, with a growing customer base of more than seven million.
Established in 1991, Ocean has become a household name for providing a range of personal finance products, including credit cards, loans and motor finance.
CredAbility is an app that helps users understand and improve their credit scores and financial wellbeing through weekly updates and tailored guidance. It also offers users a range of financial solutions that best suit their borrowing power from a panel of more than 60 lenders.
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The group said the acquisition comes ahead of the group鈥檚 international expansion plans, which will commence this year, with several countries having already been identified as growth opportunities.
鈥淲e’ve been super-impressed with the dedication of the team in developing cutting-edge technology that will complement the work we鈥檙e doing at CredAbility and Ocean,鈥� said Simon Kay, chair of Intelligent Lending.聽
鈥淭otallyMoney鈥檚 mission is closely aligned with ours, and we look forward to helping even more people improve their financial wellbeing.鈥�
Financial details of the acquisition were not disclosed.
Alastair Douglas, TotallyMoney CEO, added: 鈥淛oining Intelligent Lending signals the start of an exciting new chapter for TotallyMoney, our staff, and our customers. Having met the team, it鈥檚 clear that the culture and vision of Intelligent Lending fits very well with our own.
鈥淭he other forward-thinking financial services businesses within the group have a real focus on supporting the UK鈥檚 23 million financially under-served adults. And like us, they put their customers first, and use technology and data to help people manage their money and improve their financial future.聽
鈥淭his comes at an important time, because while inflation has fallen drastically from its October 2022 peak, things are more difficult than ever for millions of households across the UK. So, helping people build their credit scores and clear debt by putting them in control of their own financial data is a real priority.聽
鈥淥ur shared experience, insights, and expertise will provide great opportunities for collaboration and innovation, with our customers being the ultimate winners. We鈥檙e looking forward to kick-starting the next stage of growth for TotallyMoney, so we can make an even better and bigger positive impact on the lives of millions of financially under-served adults.鈥�