“Wellbeing app for borrowing” raises £1.2million
Barnsley-based ilumoni is preparing to go to market, having raised £1.2m in its second round of investment funding.
The company claims to be the UK’s first “AI-powered borrower wellbeing app.”
ilumoni uses open banking, credit and market data to build a picture of the user’s debt and then provides insights to help them take targeted action, such as switching to different financial products.
“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,” explained co-founder and CEO, Gary Wigglesworth.
“Many borrowers need to manage their debt better, yet there is very little help available until they’re faced with formal debt management, such as IVAs. As with anything, prevention is better than cure, and we believe in better borrowing for everyone.”
The new investment follows £455k in pre-seed funding, which saw the firm build its first version of the app. That received full FCA authorisation in January.
In addition to the funding, ilumoni has appointed two Non-Executive Directors to its board, new investor James Eden and existing investor Simon Moran.
“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,” explained Eden.
“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.”