AI FinTech start-up听ilumoni听has听raised听拢340,000 to transform borrowing听behaviours.听
The Barnsley firm aims to听help people repay debts faster and improve听their听financial wellbeing.听
It uses open banking and credit data combined with market information to build a fast, accurate and realistic picture of the user鈥檚 debt.听听
The free app provides personal insights to help users听take action听and make important changes to their borrowing, based on analysis, affordability and eligibility.听听
The insights appear as nudges, prompts and future scenarios based on manageable behaviour changes.听
The听pre-seed investment听included听Move Ventures and angel听investors including Simon Moran, former CMO and now听Non Executive听Director, Premium Credit and Andy Deller, former CEO of Dunbar Bank plc, part of Zurich Insurance Group.听
I濒耻尘辞苍颈鈥檚听approach to better borrowing and financial wellbeing has caught the attention of the Financial Conduct Authority which accepted the听start–up听into its Innovation Hub last year.听听
鈥淢any consumers听borrow without fully understanding their options or implications of their borrowing,鈥� explained co-founder and CEO Gary Wigglesworth.听
鈥�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听and fees than necessary and carrying debt for longer.听听
鈥�ilumoni听is changing that by shining a light on how we borrow.鈥�听
Wigglesworth was a听founding director at听internet bank Egg听and also co-founded digital identity security听start–up听Garlik听in 2006, which was later acquired by Experian.听
Commenting听on the investment, Deller听said:听鈥淭here is a significant gap in the financial wellbeing app market.听 Current providers offer limited information without direction, or push products that don’t account for the overall wellbeing of听the user.听听
鈥�ilumoni听demystifies debt and provide borrowers with clear and actionable insights that specifically suit their circumstances, helping consumers understand and manage their debt for the better.鈥�听
ilumoni听is preparing for a second fundraise to take the product to market launch and beyond. The beta product is due for release later this quarter and听ilumoni听is inviting early adopters to register听interest at听ilumoni.com.听听